EXECUTIVES: The Lion and the Cobra

Ever since Kirk Kerkorian bought control of Metro-Goldwyn-Mayer Inc., four years ago, the airline pilot-turned-Las Vegas financier has been ordering the liquidation of assets to help make ends meet. Last week Kerkorian lost what the money men would call a highly visible asset: James T. Aubrey Jr., MGM's $208,000-a-year president. Aubrey, 54, will be replaced as president by Frank E. Rosenfelt, 51, a longtime MGM executive, and as chief executive by Kerkorian himself, 55.

Handsome as an aging matinee idol, Aubrey was hired by Kerkorian in 1969 after four lean years as...

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