In October 2017, MGM's board renewed Gary Barber's contract as chairman and CEO until December 2022. In February 2018, Chris Brearton, the former media M&A attorney of Latham and Watkins, was appointed as chief operating officer. On March 19, 2018, MGM Holdings announced that Barber had been fired by the studio's board of directors. MGM gave no reason for his firing. For the interim, the company would be led by the newly formed "Office of the CEO". The "Office of the CEO" is made up of divisional heads and senior executives. Later in April, MGM decided to use the rights to the 25th "James Bond" film as leverage for a possible sale of the studio, with Annapurna Pictures and Warner Bros. seen as potential bidders. On May 21, it is reported that Barber (who still owns 9% of MGM through stock options) is exploring a bid to acquire MGM and is speaking to investment banks about financing his offer. Instead, Barber sells his stock and options to MGM in June in a three-year stand-still on company-related matters.