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MGM Resorts CEO Jim Murren is stepping down, shares jump

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MGM Resorts International chairman and CEO Jim Murren has told the company’s board that he is stepping down, prior to his contract ending, the company announced Wednesday.

He will serve in his role until a successor is appointed, it said. Murren has been CEO since 2008, and he has been with the casino operator since 1998.

MGM shares shot up more than 7% in after-hours trading on the news, but the stock was last up about 4%. MGM has a market value of about $17.3 billion, and its stock has climbed about 17% over the past 12 months.

MGM said its board has formed a committee of independent directors to search for a replacement.

Read the full press release here.