James Packer, son of media mogul Kerry Packer, has removed himself from the board of Crown Resorts due to ‘personal reasons’, the gaming and entertainment group has announced.
Commenting on Packer’s resignation, Crown’s Executive Chairman, John Alexander, said, “We have appreciated James’ contribution to the Board and respect his decision to step down from his role as a director at this time.”
A statement released by Packer’s private investment vehicle, Consolidated Press Holdings, revealed that the billionaire is “suffering from mental health issues” and “at this time, he intends to steps back from all commitments.”
According to a report in The Australian, Packer’s resignation follows his decision to reduce his shareholding in Crown Resorts in December. The article also noted that Packer had returned to the Crown board last July after stepping down in late 2015 to focus on international interest, but that Crown’s overseas ambitions were “unwound over the past year”. Packer had previously served the board as chairman and as a director.