James Packer resigns as director of Crown Resorts 'over mental health issues'

James Packer resigns as director of Crown Resorts 'over mental health issues'”

James Packer has sensationally stepped down from his role as a director of Crown Resorts this morning, due to an on-going battle with mental health issues.

He is reportedly dropping all commitments.

Packer, Crown's biggest shareholder, officially rejoined the company's board of directors in August previous year after standing down in December 2015.

Lucas said Crown "will get through it" without Packer because there's enough leadership on the board already.

"Mr Packer is suffering from mental health issues".

"Most of it is negative".

Angus Gluskie, a portfolio manager at White Funds Management, which owns Crown shares, said Packer's departure would remove a conflict of interest should he launch a buyout bid.

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Crown shares dropped 1.4 percent to their lowest price in nearly a month following the announcement, while the broader market was flat.

"He was a big personality associated with the direction and the drive of Crown", Mr Lucas said. The article also noted that Packer had returned to the Crown board last July after stepping down in late 2015 to focus on worldwide interest, but that Crown's overseas ambitions were "unwound over the past year".

Keeping such a large stake in Crown, an investment now valued at about A$4.2 billion, has driven rumours that Packer intends to take it private.

Earlier this month, Mr Packer sold more than $100 million worth of his shares in Crown.

Twice-divorced Packer has endured a tumultuous few years, from the public breakup of his engagement with pop diva Mariah Carey, to the conviction of Crown employees in China in 2017 for illegally promoting gambling.

It is the the second time in three years that Mr Packer has quit the Crown Resorts board.

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