MGM Resorts International’s outgoing chairman and CEO Jim Murren has sold more than $22 million worth of MGM stock, the gaming giant announced in a filing with the U.S. Securities and Exchange Commission.
The transactions, totaling 689,000 shares disposed in eight installments between February 19 and February 20, came a little more than a week after Murren announced his resignation from the leadership role he’s held since 2008. The company declined comment on the sales.
The executive is credited with completing the CityCenter resort complex on the Las Vegas Strip, solidifying the company’s position as a dominant force on the Strip and charting expansion in the U.S. and globally.
In announcing his retirement, he said, “The company has never been in a better position. “When I thought (it) through, how I could best serve MGM going forward, I thought it was pretty clear that a (new) leader should help lead a company into the next decade or two.”
He will remain chairman and CEO until the board of directors completes its search for his successor, after which he will serve as a “senior advisor.” He is slated to collect $31.9 million through 2021 in salary, bonuses, stock, severance and monthly consulting fees, according to the CDC report.
