Title : James Packer resigns from family company's board
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James Packer resigns from family company's board
Billionaire businessman James Packer has resigned from the board of his own family company, Consolidated Press Holdings (CPH), as he continues a recovery from mental health issues.
A CPH spokesperson confirmed the move.
CPH holds Mr Packer's 47 per cent stake in Crown and various other business interests.
Shareholder activist Stephen Mayne has had a long-term interest in the Packer family and its businesses, and said Mr Packer's decision to step aside was indicative of how seriously he was treating his health issues.
"CPH has long been the principal family investment vehicle, controlling media assets, Crown Casino and the family's $6-7 billion of wealth," he told ABC News.
"So, for James Packer to resign from that board is a very significant matter and obviously comes after resigning from all public company boards.
"There are responsibilities that come with being a director and James Packer is offshore, he's seeking help and clearly he's putting all of his effort into his health and so he's withdrawn from all commercial interests, both public and private."
Long-time Packer associate Guy Jalland is the chief executive of CPH, while another family lieutenant, John Alexander, is the executive chairman of Crown Resorts.
"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," Mr Mayne said.
Mr Packer resigned from the Crown board earlier this year, with a CPH spokesman saying at the time that he was "suffering from mental health issues".
"At this time he intends to step back from all commitments," the spokesman said in March.
James Packer only rejoined the Crown board in January 2017, having previously resigned in December 2015 to focus on developments in Melbourne and Las Vegas.
Mr Packer has also had significant events in his personal life, recently reaching a financial settlement with his sister Gretel, ending a relationship with singer Mariah Carey and several years ago famously being involved in a fight with long-term friend David Gyngell.
He has also been the subject of intense media scrutiny in Israel over his friendship with Israeli Prime Minister Benjamin Netanyahu and his family.
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