James Packer quits family firm
Tue 10 July 2018 - 10:00 amNews
James Packer has continued his withdrawal from the business world to focus on his wellbeing, stepping down from the board of his private family company just four months after quitting Crown Resorts.
Referring to the mental health issues that led to Mr Packer’s departure from casinos operator Crown in March, a Consolidated Press Holdings spokesperson said on Monday that the billionaire had left within the last fortnight as he “continues his recovery”.
No further details were available.
CPH – Crown’s largest shareholder with a 47.2 per cent stake – said earlier this year that Packer was suffering from mental health issues.
Packer had faced the abandonment of Crown’s international ambitions after China detained casino employees in 2016, and in the same year was in the spotlight due his engagement to – and subsequent split from – American singer Mariah Carey.
Packer’s residence in Israel and questioning – as a witness and with no allegations of wrongdoing – during an investigation of bribery allegations against Israeli Prime Minister Benjamin Netanyahu also generated headlines.
It was understood at the time of his resignation from Crown, that the move was sudden and made independently after he realised he had been unwell for a while.
Packer was in the US at the time and his intention was to take a complete break from work commitments to regain his health.
The scion of media tycoon Kerry Packer had only taken up a Crown directorship in August 2017 having resigned from the board almost two years earlier.
Packer, who rarely gives media interviews, last year said he had always been shy and never liked the enormous amount of publicity he attracted.
“Most of it is negative. And you get gun-shy of getting hit,” he told The Australian newspaper in October 2017.