James Packer resigns from Consolidated Press Holdings board as he continues to battle mental illness
BILLIONAIRE James Packer has resigned from the board of his private investment vehicle Consolidated Press Holdings as he continues to battle mental illness.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
BILLIONAIRE James Packer’s resignation from the board of Consolidated Press Holdings breaks almost 60 years of Packers presiding over prized private investments, including the treasured luxury Hunter Valley polo estate Ellerston and rugby league team the Rabbitohs.
While Mr Packer, estimated to be worth $5.3 billion, continues to control the purse strings of CPH, he has effectively handed oversight of the company to his long trusted lawyer and friend Guy Jalland.
CPH is the vehicle through which Mr Packer continues to hold 46.1 per cent of his prized gaming operation Crown Resorts.
A spokesman for CPH yesterday confirmed Mr Packer resigned from the board on June 27, three months after his shock resignation from the board of Crown due to mental health issues.
“Mr Packer has stepped off the CPH board as he continues his recovery from illness,” the spokesman said.
The businessman last year opened up about a tumultuous three years in which he broke up with singer Mariah Carey, lost $100 million on film investments and finalised a protracted asset split with his sister Gretel over their late father Kerry Packer’s estate, reportedly worth $1.25 billion.
“Two years ago I was terrified,” Mr Packer said. “I had $2.3 billion of debt at CPH, over $3bn of debt at Crown, I’d just appointed Rob (Rankin as chairman of Crown), Macau was falling over and Gretel was on my doorstep. Then a year later I’ve got China falling apart (Crown’s staff were arrested in China for gambling crimes), the Australian casino businesses missing budgets by big amounts, I’ve got Mariah breaking up with me and I’m thinking ‘f. k’.”
CPH is a vastly different company to that of a few years ago, when investment banker Robert Rankin was running it. It has got out of Mr Packer’s Hollywood film production joint venture with Brett Ratner, Ratpac, with Mr Packer claiming he lost $100 million on the venture.
It has also sold out of retail fashion label Pretty Girl, cosmetics company Jurlique and liquor company ASM. The latter was offloaded for $12 million last year.
Mr Packer in January last year appointed Mr Jalland, a corporate lawyer, to replace Mr Rankin as boss of CPH and his decision to stand down from the board was yesterday interpreted by insiders as an indication Mr Packer trusts Mr Jalland’s management and oversight of the company.
Mr Packer’s resignation from the board of CPH came after 26 years as a director and is the end of an era — his father Kerry was a giant presence on the board from 1960 until his death in 2005.
The CPH spokesman declined to comment on Mr Packer’s progress with his treatment and recovery from mental illness.
Mr Packer attended a treatment facility in the United States soon after he announced he would leave the Crown board. He had recently been photographed with his girlfriend, New York socialite Kylie Lim, in the French Riviera resort of Saint Tropez.