MGM appoints new leadership team

LOS ANGELES, Aug. 18 (UPI) -- Metro-Goldwyn-Mayer Inc. announced Tuesday the formation of the Office of the Chief Executive Officer for the Hollywood film studio.

Mary Parent -- chairwoman for Worldwide Motion Picture Group -- and Bedi A. Singh -- president of finance and administration and chief financial officer -- have been named members of the Office of the CEO.

Parent and Singh are joined by Stephen F. Cooper, who has been appointed vice chairman and member of the Office of the CEO.

They are all to report to the board of directors, MGM said, adding that Harry E. Sloan, current chairman of the board and CEO, will continue with the company as chairman.

"Both Mary and Bedi have demonstrated strong leadership during their respective tenures at MGM, and we are confident in their ability to ensure the company continues to aggressively pursue its business objectives," the board said in a statement. "We welcome Steve, who brings unique expertise working with a wide variety of companies to improve their financial position. This leadership team offers MGM the ideal combination of talent to best position the company for the long term: industry experience, management continuity and the addition of a proven professional with expertise in strengthening capital structures. We look forward to working together to maximize MGM's long-term value."