MGM Holdings has yet to cite a reason for terminating its CEO five year contract.
MGM Holdings Inc stated, it has begun a search for a new CEO and will replace its current Chief Executive Gary Barber.
The move comes 5 months after Metro Goldwyn Mayer extended Barber’s contract for five years. The company did not provide abruptly terminating Barber’s contract.
MGM Holdings, the holding company for Metro Goldwyn Mayer, has been exploring its options for some time now after it emerged from bankruptcy seven years ago. The movie studio has formed an office of the CEO, to facilitate its strategic initiatives and oversee its operations.
While the office will report directly to the board and include a group of divisional heads and senior executives, its members will include former executives from Google Ventures, Viacom, Pixar and CBS.
In 2017, MGM stated it would acquire 81% stake in Epix, a U.S. channel, Lionsgate Entertainment Corp and Viacom Inc for around $1 billion.