MGM Grand Names Co-Chief Executives

MGM Grand Inc. named Chief Operating Officer Daniel Wade and division President John Redmond as co-chief executives, replacing Terrence Lanni. The casino company, controlled by billionaire Kirk Kerkorian, also said Alex Yemenidjian will resign as president and Chief Financial Officer James Murren, 38, will take on that additional position. Lanni said in October that he would leave the top daily management job at the Las Vegas-based company to spend more time with his family in Los Angeles. He will remain as chairman. Yemenidjian in April was named chairman and chief executive of Metro-Goldwyn-Mayer Inc., the film studio controlled by Kerkorian. Redmond, 41, is president of MGM Grand’s Primadonna casino resorts outside Las Vegas. As co-chief executive, he will oversee the Primadonna casinos and MGM Grand Detroit, the company said. Wade, 47, will oversee the MGM Grand and New York-New York casino resorts in Las Vegas. Their promotions and Lanni’s and Yemenidjian’s resignations take effect Dec. 30.