MGM CEO to Step Down Earlier Than Planned

This post was originally published on this site

https://i-invdn-com.akamaized.net/news/LYNXMPED0307W_M.jpg
© Reuters. © Reuters.

By Kim Khan

Investing.com – MGM Resorts International 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.