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Ex-Pixar CFO Ann Mathers has been named the lead of MGM’s board of directors.
Read the release, below:
LOS ANGELES, CA, December 23, 2010 – MGM Holdings Inc. (MGM), the independent, privately-held motion picture, television, home video, and theatrical production and distribution company today announced former Pixar Chief Financial Officer Ann Mather will join the Board of Directors of the newly restructured company. Mather will serve as the Lead Director of the nine-member Board that includes Gary Barber and Roger Birnbaum, Chief Executive Officers of MGM and Co-Chairman of Metro-Goldwyn-Mayer Inc and its operating subsidiaries.
Mather’s appointment coincides with the company’s December 20th announcement that their restructuring plan has become effective, including exit financing of $500 million, arranged by JP Morgan. As the Lead Director, Mather will oversee governance of the studio and its operating units, working in tandem with directors Barber and Birnbaum; former CBS Chief Financial Officer Fred Reynolds; former MySpace President Jason Hirschhorn; Christopher Pucillo, the founder of Solus Alternative Asset Management; Patrick H. Daugherty, a partner at Highland Capital Management LP; and Kevin Ulrich, chief executive officer of Anchorage Capital Group LLC. The final vacancy is expected to be filled within the next several weeks.
MGM has a significantly improved financial position with secured lenders exchanging approximately $5 billion, including accrued interest and fees, for most of the equity in the company. Highland, Solus and Anchorage were part of the creditors’ committee that helped negotiate Los Angeles-based MGM’s restructuring, along with Davidson Kempner Capital Management LLC, and JPMorgan Chase & Co.
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