Metro-Goldwyn-Mayer Inc. on Wednesday said Charles R. Meeker III has resigned as the studio's president.
Meeker's departure from the Santa Monica studio had been expected since Credit Lyonnais, the French bank that owns MGM, fired Alan Ladd Jr. as chairman in July and replaced him with former Paramount Pictures chief Frank G. Mancuso.
Meeker first became involved with MGM while advising Credit Lyonnais as a lawyer with White & Case. The bank tapped him in 1991 to help it gain control of the studio from former owner Giancarlo Parretti, who had defaulted on his loans from the bank. Meeker also played a major role in negotiating an agreement in which MGM will distribute films from big-budget producer Carolco Pictures.
Meeker's immediate plans could not be determined, although it is believed that he will advise prospective entertainment industry investors. He has been involved in the past in film production, including the critically acclaimed "Witness," starring Harrison Ford, and the critically panned "Wired," about the life of the late comedian John Belushi.
Credit Lyonnais has until 1997 to sell MGM under U.S. banking laws. The bank has hired the influential Creative Artists Agency to advise it on how to rebuild the studio.
BankAmerica Corp. has promoted Jack L. Meyers, chief of credit, to vice chairman.
Meyers, 50, is in charge of credit quality and maintaining lending standards. He is one of seven vice chairmen of the holding company for the nation's second-largest bank, which has $185.4 billion in assets.
"He brings to this position 29 years of banking experience in a variety of credit and line management assignments. Most recently, he managed the successful integration of the BankAmerica and Security Pacific commercial banking portfolios and offices," said Richard M. Rosenberg, bank chairman and chief executive.