Yemenidjian: MGM Says CEO’s Bonus Less Glamorous

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Forbes.com
02.28.05

By Greg Levine

Cut. Metro-Goldwyn-Mayer (nyse: MGM) on Monday said it
paid Chairman and Chief Executive Alex Yemenidjian a
$1.13 million bonus last year. That’s down from $1.45
million the CEO got for 2003, according to the
company’s filing with the U.S. Securities and Exchange
Commission. The legendary film and TV studio said the
head honcho’s 2004 package also included a base salary
of $2.5 million, which stayed the same over the last
two years. Although the studio posted a 2004 loss of
$29.2 million, or 12 cents per share, compare that to
MGM’s loss of $161.8 million, or 66 cents per share,
in 2003. Yemenidjian has served as chairman and CEO of
the entertainment production company since April 1999,
and a director since November 1997. The terms of his
employment agreement call for him to keep the C-level
posts through April 30, 2007. MGM is in the process of
being acquired by an investors’ consortium with Sony
(nyse: SNE) in its vanguard. Industry rumor had
suggested Yemenidjian as Michael Eisner’s successor at
The Walt Disney Co. (nyse: DIS) when the latter leaves
the CEO post in 2006, but MGM’s head waved off the
idea, saying he preferred to own a significant piece
of the next firm he captains.

From: Emil Lazarian | Ararat NewsPress