Sloan replaced as MGM CEO

US film and television producer and distributor MGM has replaced Harry Sloan as chief executive and replaced him with a three man team. 

Sloan, who will remain as chairman, will be replaced by Mary Parent, the former Universal exec who is currently chair of the motion picture group, chief financial officer Bedi Singh and recently hired consultant Stephen Cooper. Cooper, who has worked on the Enron bankruptcy and also restructured the Krispy Kreme doughnuts chain, has been brought in to restructure the company’s finances, which have been under pressure for some time.   

The company, which is owned by private equity firms Providence Equity and TPG as well as Sony, Comcast, DLJ Merchant and the Quadrangle Group, recently hired investment bank Moelis & Co to help restructure its debt payments, which are thought to be around US$250m (€177m) per year.