James Packer resigns from board of family company Consolidated Press Holdings

James Packer has resigned from the board of his private family group, Consolidated Press Holdings (CPH).

According to a notice lodged with the Australian Securities and Investments Commission, Mr Packer stepped down from the CPH board on June 27, as he winds back his involvement with business to focus on his mental health.

A Consolidated Press Holdings spokesperson told the media that the billionaire had left within the last fortnight as he “continues his recovery”.

CPH, the Packer family’s primary business vehicle, holds a 47 per cent stake in Crown Resorts worth $4.4 billion.

Mr Packer resigned from the Crown Board in March, citing mental health problems that had plagued him as a younger businessman after the collapse of One.Tel. He checked himself into a psychiatric hospital in Boston after that.

Mr Packer had rejoined the Crown board to build a closer focus on the business after it had abandoned a decade-long overseas expansion strategy following the arrest of its Chinese team in 2016, coinciding with his engagement to – and subsequent split from – American singer Mariah Carey.

Mr Packer has also been implicated, without any allegations of wrongdoing, in the investigation of bribery allegations against Israeli Prime Minister Benjamin Netanyahu.

Mr Packer is not seen in Sydney these days and, according to corporate filings, his personal residence is in Aspen, Colorado.

Mr Packer’s departure leaves CPH and Crown in the hands of two of his associates, CPH chief executive Guy Jalland and Crown executive chairman John Alexander.

Mr Packer rarely gives media interviews, and has said that he has never liked the publicity he attracts.

“Most of it is negative. And you get gun-shy of getting hit,” he told The Australian newspaper in October 2017.

 

 



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