MGM Resorts begins search for new CEO as Murren steps down

Leading casino operator MGM Resorts International has begun the process to find a new chief executive after Jim Murren confirmed that the will step down before his contract expires.

Murren has been with the New York-listed casino operator since 1998, joining as chief financial officer before taking over as chairman and CEO in 2008.

He will remain with the business until a successor is appointed, with the company’ board of directors forming a committee of independent directors to conduct the search process for a new CEO.

“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 lead independent director Roland Hernandez. “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. Jim will continue to lead the company during this process. We will also look to the talented management team in place to help guide the company into this next chapter,” said Hernandez.

Commenting on his departure, Murren said: “Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career. 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. 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.”

Shares in MGM Resorts International (NSQ:MGM) closed up 2.90 per cent at $33.66 per share in New York Wednesday.