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James Packer has sensationally quit the Crown Resorts board due to mental health issues. In an early Wednesday filing to the Australian Securities Exchange, Crown announced that the company’s number one shareholder was stepping down for “personal reasons” just eight months after rejoining the board following a two-year absence. Packer had previously stepped down to pursue overseas interests in 2015.
“We have appreciated James’ contribution to the board and respect his decision to step down from his role as a director at this time,” said Crown Resorts Executive Chairman John Alexander in a short statement.
Packer’s private investment firm, Consolidated Press Holdings, later released its own statement in which it revealed that, “Mr Packer is suffering from mental health issues. At this time he intends to step back from all commitments.”
Packer last week sold 8,240,933 of his more than 300 million Crown Resorts shares for a consideration of AU$105.7 million.
Currently residing overseas, he announced last year his plan 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.
