NEW YORK — MGM chairman-CEO Alex Yemenidjian was awarded 10 million stock options worth as much as $138.6 million as part of his employment contract when he joined the studio as chairman and CEO last April.
That was on top of a base salary of $1.6 million.
Vice chairman and chief operating officer Chris McGurk was granted 3 million options worth up to $41.6 million when he came on board as Yemenidjian’s second in command soon after, according to MGM’s proxy statement filed Friday with the Securities and Exchange Commission.
McGurk’s contract also included a $1.7 million signing bonus and 500,000 MGM shares worth $7.3 million. His base salary for 1999 was $1.2 million.
The pair have seen MGM’s stock more than double in the past year during their tenure, moving from a low of $11.88 to a high of $28.50.
Former chairman-CEO Frank Mancuso, who left the Lion last spring when the new team came in, took home a $2.3 million salary and nearly $3 million in consulting fees.