Privately held MGM made the announcement Thursday. Barber and Roger Birnbaum were appointed co-chairmen and CEOs of MGM in 2010 as the company emerged from a pre-packaged bankruptcy. Barber then became sole chairman and CEO in 2013.
Kevin Ulrich, CEO of Anchorage Capital Group, L.L.C. and newly appointed chairman of MGM’s board of directors, said, “Gary is a dynamic leader and during the past seven years, MGM has regained its prominence as a leading entertainment company. He has developed a focused, strategic vision, which combined with a strong financial discipline, has positioned MGM for future growth and innovation. We have every confidence he will continue to lead this company in an exemplary fashion.”
Under Barber’s tenure, MGM has released two highly successful James Bond movies — “Skyfall” and “Spectre” — and revitalized its television operations under Mark Burnett. It’s attached Daniel Craig for the 25th Bond movie and set Nov. 8, 2019, as the release date. Earlier this year, MGM completed the $1.2 billion acquisition of pay TV network Epix, and relaunched Orion Pictures as a new standalone U.S. theatrical marketing and distribution company
Barber said, “MGM has a great legacy and leading this tremendous organization has been among the most rewarding experiences of my career. Kevin and the Board’s support have been invaluable as we continue to execute on the company’s strategic initiatives. I am also very proud of the world-class team we have here at MGM, whose passion, creativity and contributions cannot be overstated. I look forward to working with them to drive the company to new heights.”
Prior to coming on board MGM, Barber and Birnbaum were in partnership starting in the late 1990s, when they formed Spyglass Entertainment as a financing-producing banner.