Jim Murren is stepping down from his role as chairman and CEO of MGM Resorts International. Murren's contract was set to expire December 31, 2021.

He will receive a $32 million exit package, according to a report from the Las Vegas Review-Journal.

“On behalf of the entire MGM Resorts Board of Directors, I want to thank Jim for his years of dedication to the company and the community,” said Roland Hernandez, lead independent director of the MGM Resorts Board of Directors, in a prepared statement. “Jim has led the company through growth, transforming it into a global entertainment company with a worldwide footprint and creating value for MGM Resorts shareholders.”

The MGM Resorts Board of Directors has formed a committee of independent directors to conduct the search process for Murren’s replacement.

Hernandez, who said that Murren will continue to lead the company through the transition process, listed the development of the CityCenter as a key highlight of Murren’s tenure at the top of MGM Resorts, a position he held since 2008. Murren has worked at the company since 1998.

Other achievements from Murren’s tenure include:

  • The establishment of professional sports in Las Vegas through his involvement in the building of T-Mobile Arena and bringing the Vegas Golden Knights, the Las Vegas Aces and the Las Vegas Raiders to the city.
  • Being a supporter of diversity, inclusion and sustainability in Las Vegas, with MGM being recognized 14 consecutive years by Diversity, Inc., as a top company for diversity.
  • Advocating responsible construction through projects such as CityCenter, which MGM Resorts International described as being recognized as one of the world’s largest green developments and which was specifically designed to reduce energy consumption.
  • Leading MGM Resorts’ expansion in Asia with the opening of two properties in Macau and the ongoing effort to obtain a license to operate in Osaka, Japan.

“Leading MGM Resorts has been the most rewarding and fulfilling experience in my professional career,” Murren said in the announcement. “It has been an honor to work with such a talented group of men and women who provide millions of guests with memorable life experiences every day all over the world. We have a solid leadership team in place, and I am confident that they will work with my successor to continue the company's trajectory of growth and expansion.

[Read next: How Physical Environments Impact Learning in Meeting Spaces]

“Until my successor is named, I will continue to lead this company just as I always have and will remain focused on executing our strategy and am fully committed to supporting a seamless transition,” he continued.

Related news: