MGM to replace CEO
Gary Barber will step down after 8 years as the studio’s chief in a surprise shake-up; no reason was disclosed.
MGM Holdings announced that Gary Barber, who helped rebuild the onceiconic studio, is stepping down as chief executive in a surprise management change.
The company’s board of directors said that Barber would be replaced after eight years as chief executive of Metro-Goldwyn-Mayer and that it had launched a search for his replacement. In the meantime, a group of division heads and senior executives will carry out MGM’s “strategic initiatives,” the Los Angeles company said in a statement Monday.
No reason was given for the move, which comes just five months after Barber’s contract was extended through 2022.
Barber joined MGM in December 2010 after the company’s emergence from Chapter 11 bankruptcy protection.
Since then, Barber has led the effort to revive the studio, which has enjoyed a recent resurgence in the television business with hit shows such as FX’s “Fargo.” MGM also produced Hulu’s acclaimed series “The Handmaid’s Tale,” which last year became the first streaming show to win the Emmy for best drama.
In a statement, the company said the leadership change would help usher in a new phase of growth.
“Over the past eight years, MGM has successfully built a world-class company and talented team,” said Chairman Kevin Ulrich. “With this transformation complete, MGM is uniquely positioned for exceptional future growth in the evolving entertainment landscape. Now is the right time to enable the next generation of leadership who can help drive the creativity, collaboration and partnership needed to continue the company’s positive trajectory.”
There has been widespread speculation that the small studio could be acquired by a larger player as legacy media companies look to bulk up, and tech giants such as Apple, Amazon and Google are ramping up their Hollywood investments.
Last year, MGM acquired full ownership of cable movie network Epix for $1.2 billion. It also announced the relaunch of Orion Pictures as a theatrical film distributor last month.
In film, the company is best known as the producer of the James Bond franchise. The 25th film in the series is expected to arrive in theaters in 2019. Sony Pictures has released the recent 007 movies for MGM.
“Shark Tank” producer Mark Burnett has run the company’s TV division since 2016, after MGM bought full control of his joint venture with the studio, United Artists Media Group.