MGM Resorts International has revealed its transition plan following the news of chairman and CEO Jim Murren’s decision to step down before his contract expiration.
The search process is set to be run by a committee of independent directors formed by the board alongside a ‘nationally recognised’ executive search firm.
In a statement issued, Murren expressed his gratitude to MGM during his tenure: “Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career. It has been an honour to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world.
“We have a solid leadership team in place, and I am confident that they will work with my successor to continue the company’s trajectory of growth and expansion. Until my successor is named, I will continue to lead this company just as I always have and will remain focused on executing our strategy and am fully committed to supporting a seamless transition.”
Murren was appointed chairman and CEO in 2008, ten years after his first role for MGM.
Some of Murren’s successes include being “instrumental” in establishing professional sports in Las Vegas including the bringing the Vegas Golden Knights, the Las Vegas Aces and the Las Vegas Raiders to the city. Whilst also being involved in the building of the T-Mobile Arena.
Roland Hernandez, lead independent director of the MGM Resorts board of directors, concluded: “On behalf of the entire MGM Resorts board of directors, I want to thank Jim for his years of dedication to the company and the community.
“Jim has led the company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders.
“As CEO, he has spearheaded significant achievements across our properties, including the development of the CityCenter destination and has turned resorts into showcases of entertainment and sophisticated architecture. The board is focused on continuing to create long-term value for MGM Resorts shareholders.
“The search committee, along with the entire board, will be dedicating significant attention and resources towards identifying and naming Jim’s successor.”
MGM Resorts might have expected that Murren would step down from his positions at the end of his contract in January of 2021. However, the CEO’s recent announcement would have sped up the process to find a successor.