MUMBAI: Harry Sloan, CEO of MGM has quit his post but he will officiate as the chairman. He is due to form an ‘Office of the CEO‘.
The newly created Office of the CEO, reporting to the MGM Board of Directors, includes Mary Parent, the chairperson for the worldwide motion picture group; Bedi A. Singh, the president of finance and administration and CFO; and Stephen F. Cooper, the newly appointed vice chairman.
According to a MGM announcement, Cooper‘s main role would be to explore options to improve the studio‘s balance sheet.
A statement from the MGM Board said, “Both Mary and Bedi have demonstrated strong leadership during their respective tenures at MGM, and we are confident in their ability to ensure the company continues to aggressively pursue its business objectives. We welcome Steve, who brings unique expertise working with a wide variety of companies to improve their financial position.
“This leadership team offers MGM the ideal combination of talent to best position the company for the long term: industry experience, management continuity and the addition of a proven professional with expertise in strengthening capital structures. We look forward to working together to maximize MGM‘s long-term value.”
The restructuring move comes as MGM copes with its $3.7 billion debt, much of it a remnant of the 2005 buyout of the studio by Providence Equity Partners, TPG, Sony Corporation of America, Comcast, DLJ Merchant Banking Partners and Quadrangle Group.
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