MGM CEO Hornbuckle accepts reduced base pay amid coronavirus impact
William Hornbuckle, president and acting CEO of MGM Resorts International, has agreed to reduce his annual minimum base salary from $1.4 million to $1.1 million.
Updated March 31, 2020 - 3:06 pm
William Hornbuckle, president and newly appointed acting CEO of MGM Resorts International, has agreed to reduce his annual minimum base salary from $1.4 million to $1.1 million, according to a Tuesday regulatory filing.
Hornbuckle, who was named acting CEO on March 22, also volunteered to take 100 percent of his base salary for the remainder of the year in the form of restricted stock units — to be paid in full at the end of the year — in lieu of cash.
This comes after MGM said on Friday that it is cutting costs where possible to weather the impacts of the coronavirus pandemic. Other gaming company executives, including those at Scientific Games, Wynn, William Hill and Everi, also are forgoing all or portions of their salaries during the pandemic, or in some cases the rest of the year.
Hornbuckle’s agreement also includes an annual target bonus equal to 150 percent of his base salary, down 25 percent — or $800,000 — from the target bonus in his previous position as president and COO.
The agreement also states that Hornbuckle will agree to limitations or reductions to his compensation and severance pay that would be required for MGM to comply with the Coronavirus Aid, Relief, and Economic Security Act, should the company decide it wants to become eligible for a loan or other financial government assistance.
CFO Corey Sanders and Executive Vice President John McManus also agreed to updated employment agreements, effective Wednesday.
Sanders’ annual minimum base salary will be reduced from $1.25 million to $1 million. McManus’ agreement reduces his annual base salary from $850,000 to $700,000. Both have agreed to take half of their base salary in the form of restricted stock units instead of cash for the remainder of 2020.
Contact Bailey Schulz at firstname.lastname@example.org or 702-383-0233. Follow @bailey_schulz on Twitter.