James J. Murren Elected Chairman and CEO of MGM MIRAGE
LAS VEGAS, Nov. 18 /PRNewswire-FirstCall/ -- MGM MIRAGE (NYSE: MGM) today
announced that its Board of Directors has elected James J. Murren as the
Company's Chairman and Chief Executive Officer, effective December 1, 2008.
J. Terrence Lanni will continue as a member of the Board and will join the
Diversity Committee.
"I am honored to have been chosen to lead this remarkable company," said
Mr. Murren. "We are fortunate to have the industry's best people and most
enduring brands. Working together, we will emerge from this global economic
downturn as an even stronger and more efficient company."
The announcement comes following the long-planned retirement of
J. Terrence Lanni who had served as Chairman and CEO for more than 13 years.
Mr. Lanni had recommended Mr. Murren as his replacement.
"Terry's contributions to our company, this industry and the communities
in which we do business have been exceptional," noted Mr. Murren. "He led the
way in developing an international market for customers, guided the expansion
of the non-gaming aspects of our business, and oversaw the strategic growth of
MGM MIRAGE from a one-property company into one of the largest companies in
our industry. He offered leadership in important industry issues affecting
our local and global communities, especially problem gambling and
philanthropy. But his most lasting contribution may well be his unequaled
vision in developing and guiding our diversity initiative which has empowered
our employees and set the standard for such programs for all companies in the
U.S."
MGM MIRAGE majority shareholder Kirk Kerkorian said, "As fortunate as we
have been since 1995 to benefit from Terry's leadership, we are now benefiting
from the succession plan he put in place more than two years ago as well as
his continuing contributions to our company as a member of our Board. Jim is
a remarkable and multifaceted leader in whom I have the utmost confidence."
Jim Murren joined MGM MIRAGE in 1998 as Executive Vice President and Chief
Financial Officer, and in 1999, was named President and Chief Financial
Officer. In 2007, he was named President and Chief Operating Officer of the
Company. Mr. Murren also is a member of the MGM MIRAGE Board of Directors and
its Executive Committee. He also serves as a member of the Board for Delta
Petroleum (Nasdaq: DPTR).
Prior to joining MGM MIRAGE, Mr. Murren spent 14 years on Wall Street as a
top-ranked equity analyst, joining C.J. Lawrence, Inc. (later merged into
Deutsche Morgan Grenfell) in 1984 as a securities analyst. He was appointed
Managing Director and elected to the Board of Directors of C.J. Lawrence in
1992. In 1994, he was appointed Director of Research and Managing Director of
Deutsche Bank. Mr. Murren is a Chartered Financial Analyst and the recipient
of several awards during his Wall Street career.
Mr. Murren received his Bachelor of Arts degree in Art History & Urban
Studies from Trinity College in 1983.
Mr. Murren and his wife Heather founded the Nevada Cancer Institute, a
non-profit institution dedicated to providing a comprehensive cancer research
center to the State of Nevada and is a member of the Board of Directors.
Among Mr. Murren's various community activities include serving as a
trustee of the University of Nevada, Las Vegas Foundation.
About MGM MIRAGE
MGM MIRAGE (NYSE: MGM), one of the world's leading and most respected
development companies with significant holdings in gaming, hospitality and
entertainment, owns and operates 17 properties located in Nevada, Mississippi
and Michigan, and has 50% investments in four other properties in Nevada, New
Jersey, Illinois and Macau. MGM MIRAGE is developing major casino and
non-casino resorts, separately and with partners in Las Vegas, Atlantic City,
the People's Republic of China and Abu Dhabi, U.A.E. MGM MIRAGE supports
responsible gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its properties. MGM MIRAGE has received
numerous awards and recognitions for its industry-leading Diversity Initiative
and its community philanthropy programs. For more information about MGM
MIRAGE, please visit the company's website at http://www.mgmmirage.com
Statements in this release which are not historical facts are "forward
looking" statements and "safe harbor statements" Under the Private Securities
Litigation Reform Act of 1995 that involve risks and/or uncertainties,
including risks and/or uncertainties as described in the company's public
filings with the Securities and Exchange Commission.
