James Packer replaced by Robert Rankin as Crown Resort Chairman

James Packer has stepped down as chairman of the company and the board has appointed Robert Rankin as new chairman.

Mr Packer will remain a director and it is intended that he will be appointed as a senior executive director on terms that are currently being discussed with the board.

Mr Packer will also remain co-chairman of both Melco Crown Entertainment and the Alon Resort project in Las Vegas.

Mr Packer said: “Crown remains my number one business priority and passion. I am extremely proud of the company and look forward to continuing our efforts to build a global luxury brand. Crown has a pipeline of resorts globally and this is where the majority of my time will be spent.

“Rob Rankin has my complete trust and respect as an executive and he will do an outstanding job as Chairman. Given our global growth and aspirations, this is the right time for the company to make this change. I look forward to working closely with him.”

Of course, I remain deeply committed to building the world’s best six-star hotel at Barangaroo in Sydney. No project is more important to me,” Mr Packer said.

New Crown Chairman Mr Rankin, stated: “I am looking forward to continuing to work with James, the Board and Crown’s management team led by Rowen Craigie, to ensure the company delivers on its business plan for the benefit of all shareholders.”

“James has put his heart and soul into the company and worked tirelessly to build one of Australia’s most successful tourism and entertainment businesses.

“James may be leaving the chairman’s role, but he will have day-to-day engagement and will be actively involved at board level to ensure we meet our targets and ambitious development goals.”

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