MGM Sets New Pay Packages for CEO Hornbuckle, CFO Halkyard

In a unexampled regulatory filing with the Securities and Exchange Commission (SEC), MGM Resorts International (NYSE:MGM) revealed new compensation packages for high-ranking executives, including CEO Bill Hornbuckle and CFO Jonathan Halkyard.

Hornbuckle’s new correspondence goes into burden on Sept. 1 and runs through and through Aug. 31, 2026 with an one-year salary of $2 million. He’s also eligible for discretionary raises, hard currency or equity bonuses and other welfare plans. The accordance also calls for extensive equity-based compensation.

Employee shall live eligible for yearly equity awards in 2022, 2023, 2024 and 2025 inwards forms and amounts set by the Committee inward its discretion. It is the Committee’s present expectation that such yearly awards will feature an mass grant-date Accounting Value targeted at $10,000,000,” according to MGM’s Form 8-K filing.

Hornbuckle was named meantime chief executive ship's officer inwards early 2020 when Jim Murren was named by Nevada Gov. Steve Sisolak to atomic number 82 the state’s COVID-19 task force. The meantime CEO has o'er four decades of gaming manufacture experience, and to the highest degree recently served as chief operating ship's officer and chair of Las Vegas-based MGM.

Hornbuckle was also a buyer of MGM shares during the darkest days of the coronavirus pandemic, showing supporting for his employer’s stock. From the COVID-19 lows through today, MGM stock up is up nearly fivefold with a great deal of that run occurring with Hornbuckle at the helm of the company.

Halkyard Compensation

Halkyard, MGM’s chief financial officer, has a young make up arrangement with the gambling casino manipulator that commences on Sept. 1 and runs through Feb. 1, 2026.

Under the terms of the new pact, he’ll incur a minimum one-year salary $1.1 billion and be eligible for cash and equity bonuses, some of which will follow comprised of qualified buy in units. He canful also take in yearbook equity awards o'er the next quartet years.

“Employee shall follow eligible for yearbook equity awards inwards 2022, 2023, 2024 and 2025 in forms and amounts set by the Human Capital and Compensation Committee (the “Committee”) inwards its discretion. It is the Committee’s submit expectation that such yearly awards testament experience an aggregated grant-date Accounting Value targeted at $2,750,000 and that such one-year awards testament be provided (i) 60%,” according to the SEC filing.

Halkyard joined MGM inward January 2021. In his clip with the gambling casino operator, he’s overseen massive divvy up repurchases that led to significant reducing inwards the company’s shares salient as easily as efforts to fortify MGM’s hard cash berth — now among the sturdiest inwards the industry.

Other MGM Stock Odds and Ends

In other MGM equity news, it was reported Mon that Barry Diller’s IAC/InterActiveCorp (NASDAQ:IAC) modestly boosted its stake in the Bellagio operator.

Diller’s keep company reportedly paid approximately $10 jillion to buy 283,400 MGM shares at an middling price of $35.28.

IAC took a 12 percent stake, then precious at $1 billion, inwards MGM Resorts inwards Aug 2020. As a percentage of MGM shares outstanding, IAC is past far the cassino operator’s largest shareholder. IAC’s investiture inward MGM is seen as an endorsement of BetMGM and online gaming, with some analysts expecting the partnership to generate more buzz this year.