MGM China Holdings has a new chief executive officer, Kenneth Xiaofeng Feng.
Feng was tapped to take the position of CEO on Friday for an initial three-year term. He is the former president and executive director of the company and was also director of MGM Grand Paradise Ltd, which controls the Macau gaming concession.
Feng joined MGM Resorts International in 2001, working in financial, advisory, strategic, operational and development capacities at the parent company. In 2007, he pivoted to the China subsidiary.
As CEO, Feng will receive a fixed salary of US$1.5 million through December 2028, exclusive of performance-based incentives and other compensation. He earned approximately US$3.1 million in the past year, representing salary, bonuses, retirement contributions and share-based payments. In his new position, he will hold more than 2.8 million shares of MGM China stock.
Per company policy, Feng is subject to retirement by rotation and reelection at MGM annual general meetings.
Tian Han succeeds departing COO Wang
Also on Friday, MGM China announced that longtime president and chief operating officer Hubert Wang has left to “to pursue personal aspirations”. In a statement, MGM expressed “sincere appreciation to Mr Wang for his 14 years of dedicated service”. Tian Han, an almost 20-year company veteran, will replace him in the role. Han most recently served as senior vice president of gaming operations and strategic marketing.
Completing the executive shuffle, former company secretary Antonio Menano has been appointed MGM’s chief legal officer. Menano joined the group in 2005 as director for legal and administrative issues and general secretary of MGM Grand Paradise.
MGM China said the appointments “underscore [its] commitment to operational excellence and its vision to strengthen leadership in the gaming and hospitality market in Macau”. The concessionaire also reaffirmed its pledge to support the city’s development as a World Centre of Tourism and Leisure, “in alignment with Macau’s long-term growth objectives”.
Analysis: CEO choice reflects MGM China ‘confidence’
According to investment website SimplyWallSt, Feng’s elevation signals MGM China’s “execution-focused leadership” in Macau and “reinforces continuity around a seasoned management team”.
The analysis said the CEO’s “deep international-operations and audit committee experience” may help to “reduce leadership uncertainty” at MGM China. However, it is “unlikely to change the immediate drivers of performance, such as gaming demand, debt levels and dividend consistency”.
Taking effect on Friday, MGM China has appointed company veteran Kenneth Feng as CEO.