Las Vegas-based global hospitality and entertainment company, MGM Resorts International (NYSE: MGM), recently added a member to its Board of Directors. The appointment of Keith A. Meister (pictured), Chief Investment Officer and Managing Partner for Corvex Management LP, which owns about three percent of MGM Resorts’ stock, expands the number of directors on the company’s board to 13 from 12.
According to the press release…
Meister has a wealth of boardroom experience having served as a director on various boards, including Kentucky-based fast-food company, Yum! Brands, Inc.; Oklahoma-headquartered energy company, The Williams Companies; Florida-based security monitoring company, The ADT Corporation; Ralcorp Holdings, a Missouri-headquartered food manufacturing company; telecommunications company, Motorola, Inc./Motorola Mobility, Inc. and Las Vegas-based casino holding company, American Casino & Entertainment Properties, among others.
“engaged in constructive dialogue“
Commenting on the newest addition to the company’s Board of Directors, Chairman and Chief Executive Officer for MGM Resorts, Jim Murren said…
“We are pleased to invite Keith onto the Board as our newest independent director. As a significant shareholder in our company, we have been engaged in constructive dialogue over the last several months and are aligned on our strategy to increase free cash flow, continue to pursue an asset light model, drive margin improvement and position the Company for long term future growth.
“financial and strategic expertise“
Keith’s strong track record of helping companies maximize value for shareholders as well as his experience in real estate and gaming will be invaluable as we continue to optimize our business and evolve as an organization. We look forward to having Keith on the Board and benefitting from his financial and strategic expertise as we work to build an even stronger company,” added Murren.
“expect to be a long term investor“
Meanwhile, Meister said that he is looking forward to “working constructively” with the management team, Murren and the Board in order to aid in achieving their common goal of “enhancing value for all shareholders.
“In my conversations with management and the Board over last several months it is clear to me that MGM is focused on driving profitable growth and with my experience in the gaming industry and other similarly situated companies I can be helpful in amplifying these efforts. I expect to be a long term investor in MGM as we work collaboratively to build an even greater company,” said Meister.
Board evaluation:
MGM Resorts evaluates its Board on a regular basis in order to ensure it is comprised of the appropriate skillset, perspective and experience necessary to sustain and drive long-term value for all of the company’s shareholders. Including Meister, four new independent directors have been appointed by the Board has since 2017. Including the newly appointed, a full 11 of the Board’s 13 experienced, diverse and highly-qualified directors are independent.
Sandoval appointment:
Parent company of Macau casino operator, MGM China Holdings Ltd (2282:Hong Kong), MGM Resorts announced on January 9, 2019, that Nevada’s former governor, Brian Sandoval, would be joining the 33-year-old company as President of Global Gaming Development. The 55-year old, who married industry veteran, Lauralyn McCarthy, in August 2018, will, among other things, aid the company in growing its global footprint, with Japan a priority.
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