Harry Sloan out as CEO at MGM
Metro-Goldwyn-Mayer Inc. Chief Executive Officer Harry Sloan has been pushed out of his job at the struggling movie studio.
Although Sloan will stay on as a non-executive chairman and remain on the studio's board of directors, the company has created an office of the CEO with three senior executives in charge of the studio's operations.
The big three are Mary Parent, the head of MGM's worldwide motion picture group; Bedi Singh, MGM's chief financial officer; and Stephen Cooper, who has been named vice chairman and whose experience is in capital restructuring.
MGM is scrambling to deal with its heavy debt load of $3.7-billion dollars and has not had a movie in release since last Christmas. Its next scheduled release is a remake of "Fame," which is to debut on Sept. 25.
A media entrepreneur, Sloan was recruited in 2005 to turn the beleaguered studio around by MGM's consortium of investors, which includes Sony Corp. of America, Comcast Corp., Providence Equity Partners and Texas Pacific Group.
-- Claudia Eller
Update (10:49 PM): For more on Sloan's ouster and the future of MGM, see the story in tomorrow's Times.
Photo: Harry Sloan. Credit: Mel Melcon / Los Angeles Times