It was an abrupt ending to his time with MGM Resorts, even though he had announced his departure at the end of the year. On Sunday, Jim Murren announced he was stepping down as president, CEO and chairman of the board effective immediately. The reason for the departure, according to the company, was a continuity of leadership during this burgeoning coronavirus crisis. Longtime MGM executive Bill Hornbuckle will assume the roles of president and CEO, while board member Paul Salem will take over as chairman of the board.
Murren exits MGM at a critical time for the company, as it tackles the coronavirus pandemic. Hornbuckle joined the company when it bought Mirage Resorts and has served in many capacities. Salem has been chairman of the board’s real estate committee, which led the sale of most MGM properties to its spinoff, MGM Growth Properties (MGP) and also to the Blackstone Group, in the case of Bellagio and MGM Grand.
At the same time, Murren has been appointed to the new COVID-19 Response, Relief and Recovery Task Force, a public-private partnership formed to address the spread of the coronavirus.
Murren said he was totally behind the decision to step down.
“I fully support accelerating the planned leadership transition to help MGM Resorts address the rapidly changing environment,” Murren said in the statement. “I have great confidence in Bill Hornbuckle and the management team to lead MGM Resorts at this critical juncture, as we have together through numerous hardships of the past.”
Salem said the change in leadership at this point made sense.
“The nation is facing an unprecedented crisis, causing the travel and hospitality industry to grind to a near halt,” Salem said. “It is clear that once the threat to the public health has subsided and we are ready to reopen our resorts and casinos, it will take an incredible effort to ramp back up.
“We believe continued steady, skilled leadership is needed in this time of great upheaval and uncertainty.”
Nevada Governor Steve Sisolak says Murren came to him with the idea for a task force.
“It is inevitable that we will need to rely on both government and businesses to see us through this crisis in the best way possible,” Sisolak said. “It’s on us as Nevadans to tackle this, and that requires some out-of-the-box and proactive approaches.”
Sisolak cited Murren’s relationship with Vice President Mike Pence, who is heading up the Trump administration’s efforts to combat the virus.
“It’s going to take all of us working together to battle COVID-19 in our state and around the country, and I’m thankful we have an ally in Jim Murren who can enhance and expand our response and recovery efforts,” Sisolak said. “This public-private partnership represents the best of Nevada, the belief that when we all work together we can tackle anything.”
