MGM Mirage has grown its portfolio from one resort in Las Vegasto 17 worldwide in the 13-plus years Lanni has been chairman of thecompany. Next year, the company will complete CityCenter, a$9.2-billion casino complex on the Strip that is being called themost expensive private commercial development in US history. "Ibelieve it is now time to step aside from full-time engagement andturn over the reins to the new generation. "[Murren] is fullyequipped to lead the company through these turbulent times in theglobal economy and take it to new levels of growth andsuccess."

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Lanni was at the helm for its mergers with Mirage Resorts in2000 and Mandalay Resort Group in 2005. He earned more than $9million in compensation in 2007 alone, including salary, non-equityincentive plan compensation, retirement benefits and perks such aspersonal use of the company aircraft. "The company will always beindebted to Terry for his many years of leadership and wisdom,[and] are delighted…the company will have available his wealth ofexperience and institutional knowledge," said Kirk Kerkorian,majority shareholder of MGM Mirage.

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Shortly after the announcement, the Wall Street Journalreported on discrepancies between Lanni's corporate biography andrecords at the University of California. His corporate biographysays he earned a master's degree in finance; UC records show hecompleted classes toward the degree but never graduated, accordingto the report.

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Lanni has reportedly said he believed he received an honorarydegree in 1992. However, UC reportedly hasn't given out an honorarymaster's degree in business since 1933, and information publishedby MGM Mirage mention the degree long before 1992, according to thereport.

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MGM says the discrepancy had no bearing on Lanni decision toretire, which it says he first considered sometime last year. In aletter to employees, Lanni said neither health nor political orprofessional aspirations are the impetus for his departure; hesimply wants to devote more time to his family's foundation and tohis wife.

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