MGM MIRAGE's Terry Lanni announces retirement

Nov 14, 2008 12:55 AM

by GT Staff |

MGM MIRAGE (NYSE: MGM) Chairman and CEO Terry Lanni announced Thursday that he is retiring from his executive positions, effective Nov. 30. Lanni will remain as a member of the board of directors.

This comes on the heels of the company announcing its third quarter financial report. The company's net revenue decreased 6-percent to $1.8 billion. Casino revenue decreased 8-percent, food and beverage revenue down 3-percent and entertainment revenue 4-percent.

Mr. 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 chief executive officer and a member of the board of directors. In July, 1995 he was named to his current position.

Mr. Lanni guided MGM MIRAGE through mergers with Mirage Resorts (2000) and Mandalay Resort Group (2005).

"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 a remarkable 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 Board of Directors will take up the issue of formally naming Lanni's successor at an upcoming meeting.

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