James Packer has resigned from the Crown Resorts board

Mar 21, 2018 9:38 AM

James Packer has resigned from the Crown Resorts board for personal reasons. Packer's private company, Consolidated Press Holdings (CPH), is Crown's largest shareholder. CPH said in a statement today (Wednesday), "Mr. Packer is suffering from mental health issues and at this time, he intends to step back from all commitments."

Packer, 50, will also leave his post on as chairman of CPH.

Packer, who is currently in the United States, intends to take a complete break from work commitments in order to regain his health, the company said. Crown Resorts will remain in the control of executive chairman John Alexander, who has overseen Crown's improved performance since the company changed its focus following the detention of Crown employees in China in late 2016.

Crown Resorts Limited is one of Australia's largest gaming and entertainment groups. Crown wholly owns and operates two of Australia’s leading gaming and entertainment complexes, Crown Melbourne and Crown Perth.

Packer’s net worth is more than $4 billion (US), according to Forbes.