MGM CEO to Step Down Earlier Than Planned By Investing.com

MGM CEO to Step Down Earlier Than Planned

Stock Markets Feb 12, 2020 04:54PM ET

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MGM CEO to Step Down Earlier Than Planned

By Kim Khan

Investing.com - MGM Resorts International (NYSE:MGM) bounced around in postmarket trading after the company announced a change in top leadership.

Shares of MGM fell 2.7% after hours. It initially spiked as much as 6% when the company made the announcement.

The hotel and casino operator said Chairman and CEO Jim Murrren will be stepping before his contract expires, but will remain in his role until a new CEO is found.

“The Board is focused on continuing to create long-term value for MGM Resorts shareholders,” Roland Hernandez, the lead independent director of the company’s board, said in a statement. “ The search committee, along with the entire Board, will be dedicating significant attention and resources towards identifying and naming Jim's successor.”

Shares of MGM are about flat year to date, having recovered from selling on concerns of how much Covid-19 would hit its top line as revenue from MGM Macau dried sank.

MGM also operates famous properties in Las Vegas such as the Bellagio, MGM Grand and Luxor.

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