Crown Resorts director Andrew Demetriou quits, CEO Ken Barton set to follow
Crown Resorts director Andrew Demetriou has resigned and chief executive Ken Barton is also expected to formally step down.
Crown Resorts director Andrew Demetriou has tendered his resignation to chairwoman Helen Coonan and chief executive Ken Barton is also set to step down, after two state gaming regulators and the casino operator’s biggest institutional shareholder called for them to resign.
However while formally confirming Mr Demetriou’s resignation on Friday, Crown said Mr Barton “has not resigned”, but added: “Crown and Mr Barton are continuing to consider his position having regard to the recommendations and findings of the cCommissioner’s report of the inquiry under section 143 of the Casino Control Act 1992.”
Mr Barton and Mr Demetriou were heavily criticised by the NSW and Victorian gaming regulators after the Independent Liquor and Gaming Authority on Tuesday found the James Packer-backed gambling giant was unsuitable to hold a gaming licence in NSW because of serious corporate failings.
Mr Barton offered his resignation in a meeting with Ms Coonan in Sydney on Thursday.
The formalities of his departure and the transition to an interim chief executive were being discussed by Crown on Thursday evening when Mr Demetriou also offered his resignation to Ms Coonan.
In a statement, Mr Demetriou said it was not an easy decision and he had “thought carefully about taking this step”.
“I have always been a team player and supported the greater good,” the former AFL chief executive said. “I will therefore step down from the Crown Resorts board to give Crown the best possible chance of becoming suitable to the NSW regulator. In taking this decision, I believe the comments directed at me in the report are unfair and unjust and I will defend my reputation at every opportunity.
“It has been an honour to serve on the Crown Resorts board. Crown is a great company, with outstanding people who serve the company well. Barangaroo will be a magnificent addition to the Sydney landscape and I look forward to when it is fully operational.”
Earlier on Thursday, Crown’s biggest institutional shareholder, Perpetual’s head of equities, Paul Skamvougeras, had urged Mr Demetriou to stand down after news of Mr Barton’s resignation was reported in The Australian. “It is clear to us that Mr Demetriou needs to step down immediately for the good of the company and all its shareholders,” Mr Skamvougeras said.
It is understood Mr Packer, Crown’s 37 per cent shareholder, had also been supportive of Mr Demetriou’s resignation.
Philip Crawford, the chairman of the NSW Independent Liquor and Gaming Authority, had called for both men to resign, while the Victorian regulator had asked Crown to explain why they should remain associates of the company’s Melbourne casino in Southbank.
Mr Barton and Mr Demetriou were heavily criticised by the NSW and Victorian gaming regulators, with both raising serious questions about whether the men were suitable to remain in their roles at the James Packer-backed gambling giant.
Mr Barton offered his resignation in a meeting with Ms Coonan in Sydney on Thursday.
The formalities of his departure and the transition to an interim chief executive were being discussed by Crown on Thursday evening when Mr Demetriou also offered his resignation to Ms Coonan.
In a statement, Mr Demetriou said it was not an easy decision and he had “thought carefully about taking this step”.
“I have always been a team player and supported the greater good,” the former AFL chief executive said. “I will therefore step down from the Crown Resorts board to give Crown the best possible chance of becoming suitable to the NSW regulator. In taking this decision, I believe the comments directed at me in the report are unfair and unjust and I will defend my reputation at every opportunity.
“It has been an honour to serve on the Crown Resorts board. Crown is a great company, with outstanding people who serve the company well. Barangaroo will be a magnificent addition to the Sydney landscape and I look forward to when it is fully operational.”
Earlier on Thursday, Crown’s biggest institutional shareholder, Perpetual’s head of equities, Paul Skamvougeras, had urged Mr Demetriou to stand down after news of Mr Barton’s resignation was reported in The Australian. “It is clear to us that Mr Demetriou needs to step down immediately for the good of the company and all its shareholders,” Mr Skamvougeras said.
It is understood James Packer, Crown’s 37 per cent shareholder, had also been supportive of Mr Demetriou’s resignation.
Philip Crawford, the chairman of the NSW Independent Liquor and Gaming Authority, had also called for both men to resign, while the Victorian regulator had asked Crown to explain why they should remain associates of the company’s Melbourne casino in Southbank.
Two of Mr Packer’s nominees resigned on Wednesday.
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