MGM MIRAGE executive leaving day-to-day duties

Friday, Oct. 5, 2001 | 9:45 a.m.

Daniel Wade, vice chairman of Las Vegas-based casino giant MGM MIRAGE, will step down from his day-to-day duties at the end of this month, MGM MIRAGE announced Thursday.

However, Wade will retain the title of vice chairman and remain on the company's board of directors.

Wade has served with the company since 1990, when he was named president of the MGM Marina hotel-casino. He served as co-chief executive of the company with John Redmond until March 2001, when he was named vice chairman.

The company's announcement did not say what Wade planned to do next or why he had decided to step down. Wade couldn't be reached for comment this morning.

"I first discussed with Terry (Lanni, MGM MIRAGE's chairman and CEO) the possibility of changing my role with our company at the time of the merger with Mirage Resorts in May of 2000," Wade said in a statement. "At the time, there was much to do to ensure a smooth transition and when Terry asked that I stay to assist in that process, I agreed. I'm looking forward to remaining an active member of the board while I spend time enjoying other aspects of my life."

Wade will remain active in the company's diversity initiative, which he oversees. Wade's other duties include oversight of corporate security, corporate compliance, public affairs, aviation and entertainment. These duties will be divided among other members of MGM MIRAGE's management committee, company spokesman Alan Feldman said.