MGM appoints Keith Meister to board of directors

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MGM Resorts International has appointed Keith A. Meister to the company’s Board of Directors, expanding the company’s board from 12 to 13 members.

Meister joins the company from Corvex Management LP, where he held the position of managing partner and chief investment officer. The hedge fund sponsor currently holds three per cent of MGM’s outstanding shares.

Prior to this, Meister 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 a number of 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.

“We look forward to having Keith on the Board and benefiting from his financial and strategic expertise as we work to build an even stronger company.”

Meister added: “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.”

Since 2017, MGM’s board has appointed four new independent directors, including Meister.