Australia’s Crown Resorts has announced John Borghetti, former CEO of Virgin Australia and current chair of Crown Sydney, as Chairman of the company, replacing William McBeath in the role.
In a statement, Crown said that McBeath – who was appointed chair in July 2022 following the acquisition of the business by Blackstone – had decided to take a step back although he will remain an independent non-executive director. Borghetti will become chair effective 1 July 2024.
“As Chair, my priority was to lead the Board and support the executive leadership team to successfully deliver the extensive regulatory and cultural reform and remediation program for Crown Resorts and to achieve suitability,” McBeath said. “I am proud that both Crown Melbourne and Crown Sydney have retained their licences to operate during this time, and that the remediation work in Crown Perth is well progressed.
“Now is the appropriate time to appoint an Australian-based Chair who will continue Crown’s focus on transformation, regulatory compliance, and safe and sustainable future growth. I am delighted that John Borghetti will continue this critical work as Chair and lead the Crown Resorts Board in its strategic development of Crown’s businesses in Victoria, New South Wales, and Western Australia, working constructively with Government and regulators.
“Mr Borghetti is a very highly regarded director and executive whose extensive operational, leadership and governance experience will ensure Crown continues to focus on safe and responsible operations whilst growing and enhancing its entertainment experiences for guests of Crown.”
Borghetti added, “I’d like to thank William for his stewardship of the Crown Resorts Board over the past two years during a period of unprecedented transformation and change.
“I look forward to continuing the transformation of Crown Resorts, ensuring the company exceeds the expectations of all its stakeholders, including Government, regulators, guests and team members. The Board’s priority remains on compliant, safe, and profitable operations while ensuring we position the business for future growth.”
The appointment of Borghetti, who will also remain chair of Crown Sydney, comes after the company recently won back its licenses to operate its casinos in Melbourne and Sydney.
