Executives rewarded with raises, stock

Monday, Aug. 12, 2002 | 11:06 a.m.

MGM MIRAGE locked up its top brass with new four-year contracts that give its five senior executives a total of $2.6 million in annual pay raises, the company announced in a recent filing with the Securities and Exchange Commission.

The MGM MIRAGE board of directors also awarded the quintet a total of 400,000 shares of company stock, valued at $14.3 million at Friday's market close.

Chairman and Chief Executive Officer Terry Lanni was the biggest beneficiary, doubling his annual salary to $2 million. His grant of 150,000 shares of company stock, fully vested after four years, would be worth another $5.4 million at Friday's closing price.

Mirage Resorts CEO Bobby Baldwin's salary was raised by 50 percent to $1.5 million, while MGM Grand CEO John Redmond collected a 62.5 percent increase to $1.3 million.

MGM Mirage President and Chief Financial Officer Jim Murren's salary will jump 50 percent to $1.2 million under his new deal. MGM Mirage Executive Vice President, Secretary and General Counsel Gary Jacobs received a 40 percent boost to $700,000.