MGM CFO Dan D’Arrigo has become the first casualty of the recently announced corporate policy to slice $100 million from staffing costs by 2020. D’Arrigo announced his retirement last week after more than 23 years with the company. He will also relinquish his board seat with MGM China.
“D’Arrigo has chosen to take advantage of the voluntary resignation program offered as part of MGM 2020 and will be resigning from the company and the board of directors of MGM China,” a company statement said.
While the company did not reveal D’Arrigo’s salary, he reportedly took home around $4 million over the past three years.
D’Arrigo will be replaced by current COO Corey Sanders, who had previously served as CFO for MGM Grand Resorts. Moving into Sanders COO spot will be Bill Hornbuckle, who is also the company president.
“In the more than 23 years of service to the company, Dan has shown great leadership and is leaving us with an exemplary set of professionals who will support Corey in his new role,” said MGM Chairman Jim Murren in the statement.
“Corey’s expertise and intimate knowledge of both the operational and financial structures of MGM Resorts make him uniquely positioned to integrate those operational and financial activities in order to drive efficiency and execute our strategic priorities.”
The labor savings is part of the “MGM 2020” plan that is designed to increase profitability and transform the company digitally.
“Part of MGM 2020 is clarifying responsibilities and driving change. We are creating the path to success through the transformation with this team,” said Murren.
