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Packer steps down as Crown Resorts chairman

James Packer has stepped down as chairman of Crown Resorts to be replaced by Robert Rankin, it was announced on the ASX.

Packer will remain as a director and it is intended that he will be appointed as a senior executive director. He will also remain co-chairman of both Melco Crown Entertainment and the Alon Resort project in Las Vegas.

“Rob Rankin has my complete trust and respect as an executive and he will do an outstanding job as Chairman,” said Packer.

“I will continue to drive key projects, including our joint business in Asia and our planned resort in Las Vegas. I will also be working to improve Crown’s on-line strategies, an area where I believe we could be doing better and a platform which will provide great potential for global growth in the future.”

Last month, Robert Rankin was appointed director of Crown Resorts and last year Packer persuaded Rankin, who was then Deutsche Bank AG’s co-head of corporate banking and securities, to run his family investment firm.

Crown reported mixed results for the full year ending June 30, with normalized net profit after tax of $525.5 million, down 17.9 percent. A consensus of analysts had forecast normalized net profit of $531 million.

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