James Packer’s new job as a senior executive director at Crown Resorts means he will be taking his first salary and it could be as much as $10 million a year.
The billionaire has stepped down as chairman so he can concentrate on the job of building a global luxury brand.
“Crown remains my number one business priority and passion,” he says.
“My vision for the company is to be one of the world’s best integrated resort and entertainment providers – as Crown’s largest and majority shareholder, I will be completely focused in delivering on these plans.”
According to a report in The Australian, Packer’s package is being negotiated but it is understood he could earn about $10 million a year.
Packer said he was proud to have never taken a salary.
He told The Australian: “I have increased my stake in Crown since my dad’s passing from 37% to a majority shareholding. I think times have changed and I shouldn’t be subsidising Crown. I am very confident I will earn every cent the board decides to pay me.”