MGM Resorts International (MGM Resorts or the company) announced that Keith A. Meister has been appointed to the company's Board of Directors. With his appointment, the company's board has been expanded from 12 to 13 directors.
Meister is managing partner and chief investment officer of Corvex Management LP, which beneficially owns approximately 3 percent of MGM's outstanding shares. Meister has extensive boardroom experience and previously served as a director on the boards of Yum! Brands, Inc., The Williams Companies, The ADT Corporation, Ralcorp Holdings, Motorola, Inc./Motorola Mobility, Inc. and American Casino & Entertainment Properties, among others.
"We are pleased to invite Keith onto the Board as our newest independent director," said Jim Murren, chairman and CEO of MGM Resorts. "As a significant shareholder in our company, we have been engaged in constructive dialogue over the last several months and are aligned on our strategy to increase free cash flow, continue to pursue an asset light model, drive margin improvement and position the company for long term future growth. Keith's strong track record of helping companies maximize value for shareholders as well as his experience in real estate and gaming will be invaluable as we continue to optimize our business and evolve as an organization. We look forward to having Keith on the board and benefitting from his financial and strategic expertise as we work to build an even stronger company."
"I look forward to working constructively with Jim, the management team and the board to help achieve our common goal of enhancing value for all shareholders," said Meister. "In my conversations with management and the board over last several months it is clear to me that MGM is focused on driving profitable growth and with my experience in the gaming industry and other similarly situated companies I can be helpful in amplifying these efforts. I expect to be a long term investor in MGM as we work collaboratively to build an even greater company."