MGM’s new CEO, COO give stock, speeches

Each employee gets 100 shares

HOLLYWOOD — MGM employees came away wealthier from Friday afternoon’s meet-and-greet: Every worker below the level getting stock options received 100 shares of stock. At Friday’s close on the New York Stock Exchange, those shares would be worth $1,712.

And workers were promised that if the stock hits 30, they would get another 100 shares.

The pep rally-style meeting, held in a tent in a park adjoining MGM’s offices, was billed as a way of introducing Leo’s new chairman and CEO Alex Yemenidjian and co-chairman and chief operating officer Chris McGurk to the troops.

The 2-1/2-hour meeting included speeches to the 750 employees from both Yemenidjian and McGurk in which they spoke in general terms of their strategy for “the new MGM.”

Yemenidjian said both “like to win and both try to accomplish things now rather than later.” McGurk said the film slate of 10 to 12 films annually will remain about the same, but that co-production deals were being explored.

Separately Friday, MGM announced the new date for its annual shareholder meeting would be July 13. It had delayed the meeting, previously set for May 11, after the reshuffle of its top management and its decision late last month to raise $500 million in equity.