MGM Execs Cash Out of Stock Options

March 19, 2003 ( - Metro-Goldwyn-Mayer (MGM) Inc's Chief Financial Officer and General Counsel have opted out of 750,000 stock options for higher cash compensation.

Daniel Taylor, CFO, and Jay Rakow, General Counsel, extended their employment agreements with the Santa Monica, California-based company to 2006 and received increases in their annual cash compensation.  The amendment, as filed with the US Securities and Exchange Commission (SEC), revealed Taylor relinquished 250,000 options that were originally issued in January and November 2000 with exercise prices of $19.19 to $23.19 a share and Rakow relinquished 500,000 options issued in August 2000 with exercise prices of $24.88 a share, according to a Dow Jones report.

Additional compensation details were not provided in the filings and MGM has not yet disclosed their executive compensation packages for 2002.   However, Taylor received a salary of $865,600 and a bonus of $400,878 for 2001 and Rakow received a salary of $581,538 and a bonus of $282,973 for 2001.