Metro-Goldwyn-Mayer has hired veteran Participant Media executive Ted Lim to join the company on May 14 as senior vice president of strategic planning and corporate development.
Lim will report to Chris Brearton, chief operating officer. Brearton is part of the management team of senior executives following the firing of CEO Gary Barber in March.
MGM announced the hiring on Thursday. Lim will work with Brearton and the senior management team to help broaden MGM’s corporate strategy and business development and will be charged with overseeing deal execution, collaborating on implementation of ongoing growth initiatives, formulating new business models, and identifying new partnerships and opportunities.
“Ted’s specialized background in strategic planning, mergers & acquisitions, and integration makes him an essential addition to our management team as MGM embarks on an aggressive and innovative growth strategy,” said Brearton.
Barber’s departure stunned Hollywood, both because of its suddenness and because he had recently signed a new five-year deal. He is credited with helping MGM emerge from bankruptcy eight years ago, cleaning up its finances, and relaunching the Bond franchise. However, Barber ran afoul with Kevin Ulrich, chairman-CEO of MGM majority owner Anchorage Capital Group and the head of the studio’s board, over their visions for the future.
“The opportunity to join MGM during this time of growth for the legacy studio is incredibly exhilarating,” said Lim. “I look forward to working with Chris and the talented senior management team to help expand and drive growth in 2018 and beyond as we continue into this new phase of innovation.”
Lim most recently served as senior vice president of strategy and business development at Participant Media, where he led strategy, mergers & acquisitions, and corporate development for the company. Prior to Participant Media, Lim was an executive in the corporate strategy and business development team at the Walt Disney Company, where he helped manage the company’s investment in Hulu, including its $750 million recapitalization in 2013, and its acquisition of Lucasfilm in 2012.