Gretel Packer exits Sydney Theatre Company Board amid Palestine protest row

The billionaire philanthropist is stepping down from the STC board as the company reels from the financial fallout of a pro-Palestine protest by actors.

Billionaire Gretel Packer stepping down from the board of the Sydney Theatre Company. Picture: Robert Edwards

Billionaire philanthropist Gretel Packer is stepping down from the board of the Sydney Theatre Company, in a move likely to be perceived as a further blow to the ailing organisation as it absorbs the financial fallout from an actors protest in support of Palestinians.

Margin Call has confirmed that Packer will step off the STC’s board at the company AGM in May. It’s a decision that ends her 10 years directorship, although she is scheduled to continue her association with the STC as a Foundation director. That said, it’s well known she has been wanting to step away from the organisation for years.

Regardless of her reasons, Packer’s departure comes at a difficult moment for the STC. It’s facing an exodus of donors, significant financial losses and undergoing staffing cuts due to in no small part to the protest action of November and the STC’s response to the consequent community outrage.

Her exit also follows that of STC chair Alan Joyce, who resigned in January citing a shortage of time to deal with the STC’s problems. At the time of leaving he described the company as requiring “dramatic action” in order to ensure its financial survival.

Actors Harry Greenwood, right, along with co-stars Megan Wilding and Mabel Li wore keffiyeh scarves during the encore at the opening night of the STC production of The Seagull at Sydney’s Roslyn Packer Theatre. Picture: Instagram

Such is the dire state of the STC balance sheet that it’s currently sizing up cuts in the order of between 15 and 20 positions, with at least seven full-time roles already identified for redundancy, as Margin Call reported on Thursday. That’s a number insiders say is likely to increase, and consultations with staff have been continuing this week.

Packer was said to have been eager to end her association with the STC for some years but agreed to remain on the board during the Covid-19 pandemic, at which time she donated a large sum of money, with others, to keep the place solvent.

Further plans to step away last year were hobbled when former Commonwealth Bank CEO Ian Narev announced that he, too, would be stepping down. For some reason he was given first dibs on jumping ship.

Either way, the timing of Packer’s decision will undoubtedly be viewed in light of the political protest staged in November and the concomitant financial losses.

The incident, during which three actors donned keffiyeh scarfs in solidarity with Palestinians — and later posted anti-Israel remarks on social media — resulted in an immediate backlash that played out in cancelled tickets, scratched subscriptions and the loss of important donors.

The Australian has previously reported that the STC was forecasting losses in the range of $1.5m as a result of what happened.