MGM Resorts CEO Jim Murren to step down
Murren will continue to serve in both roles until the company identifies his successor
MGM Resorts International CEO and Chairman Jim Murren will step down from his leadership roles at the hospitality and entertainment giant, the company announced in a press release Wednesday.
Murren will continue to serve in both roles until the company identifies his successor. An exact timeline for Murren’s exit was not established, though MGM noted his departure will occur prior to the expiration of his contract.
"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," said Roland Hernandez, lead independent director of MGM’s board of directors. "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.”
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Chairman and CEO of MGM Resorts Jim Murren speaks during a groundbreaking ceremony for the MGM Music Hall at Fenway Nov. 22, 2019, at Fenway Park in Boston, Mass. (Billie Weiss/Boston Red Sox/Getty Images)
The reasons for Murren’s departure were not immediately clear. MGM shares rose slightly on the news.
Murren took over as MGM’s CEO and chairman of the board in 2008. He has worked at the company since 1998.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MGM | MGM RESORTS INTERNATIONAL | 37.52 | -0.46 | -1.20% |
Under Murren’s leadership, MGM has taken a leading role in the legal sports betting market following the U.S. Supreme Court’s decision to strike down a federal ban in 2018. MGM has deals in place with MLB, the NBA and the NHL, as well as the NFL’s New York Jets.
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MGM said Murren “was instrumental in the establishment of professional sports in Las Vegas, and he was deeply involved in the building of T-Mobile Arena and bringing the Vegas Golden Knights, the Las Vegas Aces and the Las Vegas Raiders to the city.”
"Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career," Murren said in a statement. "It has been an honor 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."