Crown Resorts has today announced the resignation of well-known billionaire director James Packer.
There was no official reason given for the move, but a number of mainstream media outlets cite an unnamed spokesperson who claims the decision relates to Packer’s mental health. The Australia-listed company thanked Packer in a brief statement earlier this morning.
“We have appreciated James’ contribution to the board and respect his decision to step down from his role as director at this time,” executive chairman John Alexander said.
Packer rejoined the board of Crown in August after stepping down in 2015 as chairman and director. He had only rejoined after the company exited its Macau and US investments, and switched its focus back to Australia.
Earlier this month, Packer sold more than AU$100 million (£55 million) worth of Crown shares. He retains a dominant stake of about 47% in the company, which owns casinos in Australia and London.
The largest shareholder in Crown is Packer’s company Consortium Press Holdings and a spokesman from that organisation said that he would “step back from all commitments.”
Crown Resorts shares fell as much as 1.7% in Sydney after the announcement was made, to a four week low, before pulling back to be flat on the day.