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MGM CEO Jim Murren To Step Down, Withdraws Guidance

Tanzeel Akhtar

MGM Resorts International (NYSE: MGM) announced on Wednesday afternoon that CEO Jim Murren will step down and the committee is working to replace him.

Murren is to step down from his position as chairman and CEO prior to the expiration of his contract. He has served as CEO of MGM Resorts since 2008 and has been with the company since 1998.

MGM reported fourth-quarter earnings of 8 cents per share, which missed the analyst consensus estimate of 27 cents. The company reported quarterly sales of $3.2 billion, which met the analyst consensus estimate. The company has withdrawn guidance.

MGM shares closed the session higher by 2.9% at $33.66. The stock has a 52-week high of $34.64 and a 52-week low of $23.68.

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