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MGM Resorts International has rolled-out plans for a transition plan after Jim Murren, chairman and CEO, informed the board of directors that he intends to step down upon contract expiration.

The board has formed a committee of independent directors to conduct the search process, which in turn is working with a “nationally recognised executive search firm to identify and evaluate appropriate candidates.

“On behalf of the entire MGM Resorts board of directors, I want to thank Jim for his years of dedication to the company and the community,” Roland Hernandez, lead independent director of the MGM Resorts board of directors, explained. “Jim has led the company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders. 

“As CEO, he has spearheaded significant achievements across our properties, including the development of the CityCenter destination and has turned resorts into showcases of entertainment and sophisticated architecture. The board is focused on continuing to create long-term value for MGM Resorts shareholders. 

“The search committee, along with the entire board, will be dedicating significant attention and resources towards identifying and naming Jim’s successor. Jim will continue to lead the company during this process. We will also look to the talented management team in place to help guide the company into this next chapter.”

Murren has served as chairman and CEO since 2008, after being appointed to the roles ten years after first joining the organisation.

MGM lauds Murren as being “instrumental” in establishing professional sports in Las Vegas, as well as being involved in the building of the T-Mobile Arena and bringing the Vegas Golden Knights, the Las Vegas Aces and the Las Vegas Raiders to the city.

Further praise comes after being an “early and strong supporter of diversity, inclusion and sustainability” in Las Vegas, as well as leading Asian expansion expansion and current efforts to obtain a licence in Osaka.

“Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career,” said Murren. “It has been an honour to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world. 

“We have a solid leadership team in place, and I am confident that they will work with my successor to continue the company’s trajectory of growth and expansion. Until my successor is named, I will continue to lead this company just as I always have and will remain focused on executing our strategy and am fully committed to supporting a seamless transition.”