MGM MIRAGE CEO Lanni Retires
November 13, 2008
MGM MIRAGE Chairman and CEO Terry Lanni notified the company that he is
retiring from his executive positions, effective November 30, but will
remain as a member of the board of
directors.
Lanni said, "I have served as
chairman for more than 13 years and have seen this company grow from
owning one resort in Las Vegas to 17 resorts internationally, with
joint ventures around the world. I believe it is now time to step aside
from full-time engagement and turn over the reins to the new
generation. I am recommending to the board of directors that Jim Murren
succeed me as chairman and CEO. Jim is fully equipped to lead the
company through these turbulent times in the global economy and take it
to new levels of growth and success."
Lanni, 65, joined MGM Grand Inc. in June 1995, as president and CEO and
a member of the board of directors. In July 1995 he was named to his
current position. Lanni guided MGM MIRAGE through periods of
unprecedented growth, including mergers with Mirage Resorts (2000) and
Mandalay Resort Group (2005). He also led the business through
uncertain economic times, especially in the aftermath of the tragedy of
9-11.
"The company will always be
indebted to Terry for his many years of leadership and wisdom. We are
delighted that he will remain as a member of the board and that the
company will have available his wealth of experience and institutional
knowledge," said Kirk Kerkorian, majority shareholder of MGM
MIRAGE.
MGM MIRAGE President and COO Jim
Murren said, "I respect Terry's personal decision and I am honored that
he is recommending me to the board to serve as his successor. I will
continue to devote all of my energies to this great company. As a direct
result of Terry's leadership, we have are markable depth of seasoned
management and I am confident of our company's ability to manage through
the current economy and emerge stronger, more vigorous and
well-positioned to capitalize on future opportunities as the economy
rebounds from its current slowdown."
The
MGM MIRAGE Board of Directors will take up the issue of formally naming Lanni's successor at an upcoming meeting.
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