Crown Resorts Executive Chairman Steps Down From Role

Crown Resorts Executive Chairman Steps Down From Role

Australia – Crowns Resorts executive chairman John Alexander has stepped down from his role in the company amid shareholder pressure and an ongoing government inquiry in to the sale of shares to Melco Resorts.

John Alexander is being replaced as executive chairman by Helen Coonan in a move that is said to make a statement of confidence in its governance.

Alexander will remain an executive director of Crown Resorts and chief financial officer Ken Barton will become the new chief executive.

Also involved in the board reshuffle is non-executive director Mr John Horvath who has now been appointed deputy chairman.

Helen Coonan, who has been involved in Crown Resorts Limited since 2012 commented on the reshuffle:

“This new structure is in line with feedback we have received from a number of proxy advisers and shareholders and better aligns with contemporary governance practices”.

Coonan expanded on the company’s action and positivity of having more women in leading roles:

“We’re a modern outfit, we’re aligned with modern governance practices and we’ve responded as we should have. There’s a new team with a invigorated objective and its going to be a new era of women in leadership in Crown.”

James Packer, who has recently received criticism in a controversial shares deal with Hong Kong based Melco Resorts & Entertainment supported the move:

“The new governance structure announced today was driven by the Crown board, responding to evolving shareholder and market expectations. These initiatives have my full support… Helen Coonan has a wealth of experience to lead the company as an independent chair and Professor John Horvath will ably assist as an independent deputy chair. Ken Barton has an extensive knowledge of Crown’s businesses as the current CFO and is very well equipped to take on the role of chief executive.”

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