Billionaire James Packer in continuing to shed board responsibilities, this time stepping down as chairman of his private company, Consolidated Press Holdings.
The largest shareholder of casino owner Crown Resorts has been winding back his corporate roles because, says a spokesman for Consolidated Press Holdings, Packer has been “suffering from mental health issues”.
Packer has also resigned as a director of ASX-listed Crown Resorts in which he still holds about a 47% stake.
He had rejoined the board in August last year to take a more hands-on approach to his holding in the casino business.
Consolidated Press Holdings Pty Ltd holds most of Packer’s investments. Industry analyst IBISWorld estimates the company generated revenue of $355.67 million in 2017.
The 50-year-old Packer’s personal life was the subject of public attention when he broke-up last year with American singer Mariah Carey after an 18-month relationship.
Packer also had a very public street fight in 2014 at Bondi with his childhood friend David Gyngell, the former head of Nine Entertainment Group.
(NOTE: Lifeline Australia – 13 11 14 – is available for those feeling depression.)
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