MGM Resorts International (MGM) - Get Report said Wednesday that Chairman and CEO Jim Murren plans to step down prior to the expiration of his contract.

Murren, who has been chairman and CEO since 2008, has a contract to serve until the end of 2021, according to company filings with the SEC. Under the employment agreement, Murren is paid a base salary of $2 million a year with the opportunity for performance bonuses of 200% of his base salary as well as restricted stock grants .

The company said Murren will continue to serve as chairman and CEO until a replacement CEO is named.

A board committee “is working with a nationally recognized executive search firm to promptly identify and evaluate candidates to assume the role of Chief Executive Officer,” the company said in a statement.

"We have a solid leadership team in place, and I am confident that they will work with my successor to continue the Company's trajectory of growth and expansion," Murren said, according to the statement.