Australia – James Packer leaves Crown’s board due to mental healthBy Phil - 21 March 2018
Australian billionaire James Packer has left his position on the board of casino operator Crown Resorts with the company citing mental health issues.
Crown said its biggest shareholder was leaving the board for ‘personal reasons’ just eight months after rejoining it following a two-year absence to pursue overseas interests in 2015.
Crown Resorts Executive Chairman John Alexander, said: “We have appreciated James’ contribution to the board and respect his decision to step down from his role as a director at this time.”
Mr. Packer’s Consolidated Press Holdings stated: “Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments.”
At the start of March Mr Packer offloaded 8,240,933 of his Crown Resorts shares for AU$105.7m although he still owns over 300m shares and owns about 47 per cent of Crown.
Mr Packer, the son of late media mogul Kerry Packer, is Australia’s eighth-richest person with an estimated wealth of A$4bn. He has had a turbulent few years with a high profile split from his fiancé singer Mariah Carey in October 2016, followed by a scandal involving Israeli Prime Minister Benjamin Netanyahu last month. His personal life has matched Crown’s problems with the company’s scandal and subsequent exit from its Macau investments, another failed attempt to enter the Las Vegas market, followed by a slot tampering allegation in Australia.