Terry Lanni, both chairman and chief executive of MGM Mirage, announced his retirement in the middle of November to become effective at the end of the month. He cited both “family requirements” and how long he has been in the industry as what he thought about while making this decision. Lanni will be remaining on the board of directors of MGM.

Lanni suggested promoting MGMs chief operating officer Jim Murren into his position. The board agreed with Lanni’s recommendation so Jim Murren will step into the chairman and chief executive role on December 1.