Hope leaving MGM finance

Mike Hope, executive VP of MGM Inc., has resigned after three years with the entertainment company. Hope joined MGM with Bob Pisano in 1993, and was one of Frank Mancuso’s two top lieutenants. He helped guide the rebuilding of the studio and its subsequent management-led buyout with Kirk Kerkorian and the Seven Network.

“I’m leaving to deal with a family illness,” Hope said. He will leave at the end of this month. Mancuso will search for a successor.

Both Hope and Pisano had worked with Mancuso previously at Paramount Pictures for several years. In the 1980s, Hope served as chief financial officer and was named executive VP while Mancuso served as chairman and CEO of Paramount. During his stint there, he oversaw planning and operations and was key in restructuring Paramount from a conglomerate to a more streamlined operation concerned with entertainment and publishing. Before that, he was a partner with the Ernst & Young accounting firm.

Hope also had been instrumental in setting up additional financing for MGM and worked with Mancuso on the new operating budget for the company, which was approved in December.

“He was a trusted colleague,” said Mancuso. “For the studio, he was a man of leadership in the financial area. We relied on him tremendously. On top of that, he is a very good friend.”

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