Former Crown Casino director James Packer has resigned from his position at Consolidated Press Holdings (CPH) following an ongoing battle with mental health issues.
In a document recently published by Australia’s corporate regulator, Packer announced his departure from the family business on June 27.
Following up the inquires, News.com.au obtained a statement from the billionaire’s spokesperson who confirmed that he had “stepped off the CPH board as he continues his recovery from illness.”
Packer Steps Away from the Limelight
News of the resignation comes just over three months after the casino magnate relinquished his position at Crown Resorts. Despite being a figurehead for one of the largest betting brands in the world, the Sydney native left his role as chairman in 2015.
After two years in the background, Packer returned to the helm as director in 2017 but stepped down just a few months later following a bout of depression. Between his move away from Crown in February and his latest decision, the public figure has spent time in an exclusive rehab clinic.
Described by the Boston Globe’s Alex Beam as the “real deal” when it comes to treating mental health issues, Packer was reportedly paying US$5,000 to stay at the Belmont Massachusetts clinic. Since that time, Packer has kept a lower than usual profile, until now.
Crown’s Driving Force to Go on Without Packer
Although Crown and Consolidated Press Holdings are separate entities, the latter is often referred to as the foundation of the Packer business empire.
“CPH has long been the principal family investment vehicle, controlling media assets, Crown Casino and the family’s $6-7 billion of wealth,” shareholder Stephen Mayne told ABC News on July 9.
At this stage, Packer’s health issues haven’t been made public but those around him have said they are serious enough that he will no longer have a say in the day-to-day running of his companies. Despite his absence, the billionaire will maintain his 47 percent stake in Crown and other business interests.
“James Packer’s interests will still be looked after by trusted lieutenants, he just won’t be directly on the board and calling the shots as a director,” Mayne continued.