MGM Executive Resigns Unexpectedly
On Friday MGM Mirage (MGM: 11.10 0.00%) reported the resignation of Gary N. Jacobs, director, general counsel and president of corporate strategy through a filing with the Securities and Exchange Commission.
A reason for the unexpected departure was not provided and the company refused to comment on the separation beyond the information provided in the filing.
The filing stated that the company had reached a resignation agreement with Jacobs, which “provided a general release of claims against the company, and the company provided a limited release of certain claims against him.”
Under the terms of that agreement the casino operator will pay Jacobs $3 million over the next two and half years and Jacobs can exercise his vested stock options and appreciation rights. Jacobs owned 876,000 company shares as of June.
In August he signed a new employment agreement to serve until August 4, 2013 with an annual salary base of $1.2 million.
Jacobs joined the gaming company in 2000, shortly after the company formerly known as MGM Grand Inc acquired Mirage Resorts and became MGM Mirage.
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