James Packer has quit the board of his private holdings company, Consolidated Press Holdings (CPH), to focus on his recovery from mental illness. His decision to step down comes three months after he also quit the board of Crown Resorts just eight months after rejoining the board following a two-year absence, citing “personal reasons”.
A subsequent statement at the time from CPH said that Packer was “suffering from mental health issues”. CPH owns around 46% of Crown Resorts.
According to a notice issued to the Australian Securities and Investments Commission, Packer also stepped away from the CPH board on 27 June with a company spokesman telling media that the Australian casino mogul needed tome to continue his recovery from illness.
Packer, who currently resides in the United States, announced late last year his intention to return home to Australia in the next two years following a tumultuous 18 months both personally and professionally, including the sudden end of his engagement to superstar singer Mariah Carey in October 2016.
In December last year Packer purchased two floors of Crown’s hotel and casino complex at Barangaroo – due for completion in 2021 – for AU$70 million.
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