Outgoing Chairman and CEO of MGM Resorts International, Jim Murren, will be replaced by Paul Salem, who currently is a member of the MGM Resorts Board of Directors and Chair of the real estate committee of MGM Resorts.
Paul Salem is a senior managing director emeritus at Providence Equity Partners, a world leading private equity firm specializing in the media and communication industries. He served for 27 years as a senior managing director on Providence’s investment team and served as a member of the investment committee and management committees helping grow Providence Equity from $171 million in assets to over $50 billion in his years of service. In 1999, Mr. Salem established the London office for Providence Equity and in 2008 helped start Providence’s credit affiliate Benefit Street Partners. In 2014, Mr. Salem lead the purchase of Merganser, a Providence affiliate and in 2017, helped start Providence Public, a long/short hedge fund.
Mr. Salem previously served as a director on many of Providence Equity portfolio companies, including Asurion, Eircom, Grupo TorreSur, Madison River Telecom, MetroNet (formerly AT&T Canada), PanAmSat, Tele1 Europe, Verio, Wired Magazine and several other Providence investments.
Prior to joining Providence in 1992, Mr. Salem worked for Morgan Stanley in corporate finance and mergers and acquisitions. Prior to Morgan Stanley, he spent four years with Prudential Investment Corporation, an affiliate of Prudential Insurance, where his responsibilities included private placement financings, leveraged buyout transactions and helping establish Prudential’s European office.
Mr. Salem received a Master of Business Administration from Harvard Business School and a Bachelor of Arts from Brown University. Mr. Salem is Chairman of the Board at Year Up, a non-profit focusing on closing the opportunity divide for urban young adults and a board member of Edesia Global Nutrition, a social enterprise that treats acute malnutrition around the globe. Mr. Salem is Clerk (Chair) of the Board of the Moses Brown School and is on the advisory board of the Carney Brain Institute at Brown University.