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Karen Maley

Why Crown’s golden parachutes are a big tactical blunder

The gaming giant’s generous financial treatment of its former executives reveals a glaring lack of contrition for its egregious misconduct.

Karen MaleyColumnist

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Ziggy Switkowski, who is awaiting probity clearance from state gambling regulators before taking over as chairman of Crown Resorts, likely had mixed emotions as he contemplated the close to $10 million in termination benefits lavished on three top executives who departed the crisis-prone casino giant as part of its efforts to revamp its operations.

On the one hand, Switkowski will likely feel a certain amount of relief that the disclosure of these generous golden parachutes has occurred before he’s taken the helm at Crown.

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Karen Maley writes on banking and finance, specialising in financial services, private equity and investment banking. Karen is based in Sydney. Connect with Karen on Twitter. Email Karen at karen.maley@afr.com

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    Original URL: https://www.afr.com/companies/games-and-wagering/why-crown-s-golden-parachutes-are-a-major-tactical-blunder-20210912-p58qw5