In July 2018, MGM reset its debt capital structure to $2.5 billion which lowers the borrowing rate as MGM paid off the prior loan facility. This despite Moody's Investor Service reducing MGM on two key ratings because of increase TV spending and the departure of fiscally conservative Barber as CEO. Nancy Tellem, a director on the board since 2013, joined the company's Office of the CEO by February 7, 2019, with the title of executive director tasked with a long-term strategy. However, Tellem exited that position after six months in part due to clashes with Mark Burnett, TV group chairman. MGM's President of the Motion Picture Group, Jonathan Glickman, exited the company on February 1, 2020 with a first look deal starting with Aretha Franklin biographical "Respect" picture. Michael De Luca taking charge of the motion picture group as chairman effective March 1, 2020.