MGM Holdings Inc. Chairman and Chief Executive Gary Barber has been fired, the company’s board announced Monday night. MGM’s board issued a statement Monday night saying it has “initiated a CEO transition” and has begun a search for its next chief executive. The board did not explain why Barber had been ousted. He had led MGM for eight years, and he received a contract extension through 2022 in October. MGM is the parent company of iconic Hollywood studio Metro-Goldwyn-Mayer. In the statement, the MGM board thanked Barber for his contributions and said “Now is the right time to enable the next generation of leadership who can help drive the creativity, collaboration and partnership needed to continue the company’s positive trajectory.” MGM is scheduled to report quarterly earnings on March 28. The company’s shares, which trade over the counter, are up almost 16% in the past year.
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