MGM Resorts International (NYSE: MGM) yesterday announced that Keith A. Meister has been appointed to the Company's Board of Directors, effective tomorrow, January 18, 2019. With his appointment, the Company's Board has been expanded from 12 to 13 directors.
Mr. Meister is Managing Partner and Chief Investment Officer of Corvex Management LP, which beneficially owns approximately 3% of MGM's outstanding shares. Mr. Meister has extensive boardroom experience and previously served as a director on the boards of Yum! Brands, Inc., The Williams Companies, The ADT Corporation, Ralcorp Holdings, Motorola, Inc./Motorola Mobility, Inc. and American Casino & Entertainment Properties, among others.
Jim Murren, Chairman and CEO of MGM Resorts 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. 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."
Keith Meister, Corvex's Managing Partner said, "I look forward to working constructively with Jim, the management team and the Board to help achieve our 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."
MGM's Board regularly evaluates its composition to ensure it includes the appropriate skills, experience and perspective necessary to drive long term value for all MGM shareholders. Since 2017, the Board has appointed four new independent directors, including Mr. Meister. With these recent appointments, the Board comprises 13 highly qualified, diverse and experienced directors, 11 of whom are independent and all of whom are dedicated to driving shareholder value.
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