TOM CRUISE - MGM OUSTS ITS CEO

MGM OUSTS ITS CEO

MGM on Tuesday ousted Harry Sloan as CEO of the studio, replacing him with an "office of CEO," but kept him in the position of chairman. The CEO duties will now be carried out by production head Mary Parent, Chief Financial Officer Bedi A. Singh and restructuring expert Stephen F. Cooper. Sloan's efforts to revive the studio's United Artists unit, included bringing in Tom Cruise and producing partner Paula Wagner to run it, a decision that proved costly. Wagner left the company one year ago, and MGM has not released a movie since Valkyrie , which starred Cruise, opened with so-so results last December. It is due to release a remake of the '70s' musical Fame on September 25.

19/08/2009