James Packer has sensationally stepped down from his role as a director of Crown Resorts this morning, due to an on-going battle with mental health issues.
The 50-year-old businessman has confirmed his resignation from his own company, with the board informing the ASX of Packer’s decision earlier this morning.
Crown’s official statement on the matter merely confirmed “personal reasons” as the catalyst for his sudden resignation, however it is now understood that he is removing himself from his post to concentrate on his own mental health.
JAMES PACKER RESIGNS FROM CROWN pic.twitter.com/SzK4J02jYl— Eli Greenblat (@EliGreenblat) March 20, 2018
Crown executive chairman John Alexander issued a short statement accompanying this morning’s announcement:
We have appreciated James’ contribution to the board and respect his decision to step down from his role as a director at this time.
Packer’s private investment firm Consolidated Press Holdings confirmed his mental health issues, stating that “at this time he intends to step back from all commitments.”
Packer, who is Crown’s largest single shareholder, rejoined the company as a director in August of last year, having previously stepped down from the role in 2015.
Crown’s international ambitions were significantly wound back over the course of the past year, with the company abandoning expansion plans overseas – which included the sale of its stake in a large plot of land in Las Vegas – in favour of focusing on local projects instead; namely, the hugely controversial and still under-construction casino site at Barangaroo in Sydney.
Packer has yet to comment directly on today’s developments.
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Image: Getty Images / Scott Barbour