Metro Goldwyn Mayer today announced the departure of CEO Gary Barber and the initiation of a search to find his replacement.
MGM’s board thanked Barber for helping with the development and execution of its strategic plan, but suggested new leadership was needed to guide MGM in the future.
“Over the past eight years, MGM has successfully built a world class company and talented team,” said Kevin Ulrich, chairman of the Board of Directors, in a statement. “With this transformation complete, MGM is uniquely positioned for exceptional future growth in the evolving entertainment landscape. Now is the right time to enable the next generation of leadership who can help drive the creativity, collaboration and partnership needed to continue the Company’s positive trajectory. Looking forward, we are committed to empowering our team to take charge, innovate and execute on the promising opportunities in front of MGM.”
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While the search is underway for a new CEO, MGM’s day-to-day operations will be run by a temporary Office of the CEO made up of divisional heads and senior executives.
The Office of the CEO will report directly to MGM’s board, which includes directors Ann Mather, formerly of Pixar, Paramount Pictures and Disney; Fredric Reynolds, formerly of CBS and Viacom; Nancy Tellem, formerly of Microsoft/Xbox Studios and CBS; David Krane, CEO of Google Ventures; and James Dondero, CEO of Highland Capital Management.
The move to oust Barber comes as a surprise. MGM in October 2017 renewed Barber’s contract through 2022.