MGM Resorts International CFO Dan D’Arrigo (l.) and MGM Grand President and COO Scott Sibella have become the first casualties of the recently announced corporate policy to slice $100 million from staffing costs by 2020. D’Arrigo announced his retirement last week after more than 23 years with the company. He will also relinquish his board seat with MGM China.
D’Arrigo will be replaced by current COO Corey Sanders, who had previously served as CFO for MGM Grand Resorts. Moving into Sanders’ COO spot will be Bill Hornbuckle, who is also the company president.
Sibella (l.) started his career in the Trump organization in Atlantic City and later moved to Las Vegas, where he worked for MGM at Treasure Island and later took the helm at the Mirage. No word on who is replacing him at MGM Grand.
The labor savings is part of the “MGM 2020” plan that is designed to increase profitability and transform the company digitally.
“Part of MGM 2020 is clarifying responsibilities and driving change. We are creating the path to success through the transformation with this team,” said MGM Chairman Jim Murren in a statement.