Jim Murren has announced he is stepping down as chairman and CEO of MGM Resorts, a position he has held for more than a decade.

Jim Murren
Jim Murren

Murren will remain at MGM's helm until the group appoints a successor. MGM has formed a committee of independent directors to search for a replacement and has also brought on an executive search firm to assist with the process.

Murren joined MGM in 1998 and has served as the company's chairman and CEO since 2008. Under his leadership, MGM made significant inroads into Asia, with the opening of the MGM Macau in 2007 and MGM Cotai in 2018. Murren has also been credited with spearheading MGM's current efforts to obtain a gaming license in Osaka, Japan.

"I really feel that after 12 years, and especially after the last few years, we've really changed the dynamic of this company," Murren said during MGM's full-year earnings call on Wednesday. "The company's never been in a better position than it is now."

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