Movie studio Metro-Goldwyn-Mayer has replaced its chief executive officer with a committee of executives designed to bring the ailing company back from the brink, according to Reuters. Harry Sloan, who had served as MGM’s head since 2005, will be replaced by a team consisting of turnaround expert Mary Parent, CFO Bedi Singh, and restructuring mind Stephen Cooper. The three have all been named “members of the office of the CEO.” MGM is currently attempting to escape from $3.7 billion in debt, which the studio is hoping to refinance. Sloan will continue serving as non-executive chairman, but will no longer chair the company’s board.
MGM Replaces Exec with Turnaround Expert, Committee
MGM’s suffering CEO will be replaced by a three-person committee hoping to resuscitate the studio.
August 18, 2009