MGM Gives Jim Murren a $32M Handshake
CEO Jim Murren has officially resigned from his position at the head of the table at casino giant MGM Resorts, thereby effectively prematurely ending his tenure by months. Murren’s $32 million-dollar handshake awarded by MGM Resorts International, is however not without conditions. He will be expected to provide consulting services to the group all the way through the end of 2021 and will be subject to a none-compete agreement in force until the end of 2022.
Given the terms of the severance package, Jim Murren’s isn’t at all out of the ordinary when compared to the perks connected to the departure of former Caesars Entertainment Corp. CEO Mark Frissora back when he left the ranks of Caesars in 2019. His involved an exit package amounting to $30 million, along with a consultation retainer package that lasted 6 months following his departure.
All About Connections
But Murren’s departure serves a far greater purpose than what first meets the eye. The 58-year-old has left the ranks of MGM in order to answer to a call by Nevada Governor Sisolak that involves heading a public-private partnership that will assist the gambling state to battle its Covid-19 dilemma. Murren is with immediate effect the chairman of Nevada State’s Covid-19 Response, Relief, and Recovery Task Force.
The idea is for Murren to draw on his connections in government as well as in the private business sector to “open doors”; doors Sisolak believes he isn’t able to open up on his own steam. And such too was the nature of the official statement released by Nevada’s Democratic Governor. Sisolak in his statement refers specifically to Murren’s relationships with organised labour authorities and his connections with the White House and says that these resources are what make the former MGM CEO especially valuable to the task at hand. Murren was after all as recently as a little over a week ago spotted attending a special tourism industry meeting at the White House alongside President Donald Trump and various other Washington D.C. leaders.
Murren Humbled To Be Chosen
Murren has on his part said that the task he now faces is particularly humbling in that its an honour to have been selected to work alongside Nevada’s governor as he (Sisolak) goes in hand in glove fighting for the many families who are suffering immense losses because of the coronavirus pandemic.
The fact that Murren’s time in service of the task force will be conducted completely free of any compensation should go a long way towards gaining the trust of the general public. MGM has in the meantime announced that Bill Hornbuckle has been appointed in the position of acting CEO.