MGM promotes Parent to chairman

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MGM has named Mary Parent chairman of its worldwide motion picture group.

Parent will oversee the studio's worldwide theatrical production, distribution, marketing and business affairs. She will report to MGM chairman and CEO Harry Sloan.

Parent, a former vice chairman of worldwide production for Universal Pictures, became a highly regarded executive during her tenure there before forming the production shingle Stuber/Parent in 2005 with Scott Stuber.

While at Universal, Parent oversaw the planning, development and production of the studio's annual slate of films including the commercially successful "Meet the Parents," "Meet the Fockers," "The 40-Year-Old Virgin," "The Bourne Identity" and "The Bourne Supremacy."

Her appointment marks a big step forward in establishing MGM as major studio with commitment to developing, producing and releasing a full slate of motion pictures. Parent's numerous ties to industry creatives will assist greatly in that effort.

"MGM is in the midst of an evolutionary process, moving from our initial revitalization effort into the next phase of growth and development," Sloan said. "As we commence production on some of the biggest film franchises in Hollywood, we are fortunate to be able to enlist Mary to spearhead what promises to be MGM's most exciting period yet."

Sloan, who took leadership of MGM in October 2005, has been steadily rebuilding the studio -- an effort that began with distribution, television and video operations. In November 2006, he brought in Tom Cruise and Paula Wagner to helm the new United Artists, which was backed by a $500 million production facility from Merrill Lynch. More recently, Sloan navigated two deals with Peter Jackson based on J.R.R. Tolkien's "The Hobbit."

Parent, who joined Universal in 1997 as a senior vp and eventually became vice chairman in 2003, said her appointment to MGM comes at a great time for the business.

"I look at what Harry has strategically built and assembled, and I believe this studio is poised for a true revitalization," Parent said. "I'm honored to have been chosen to play this role."
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