- Crown Resorts’ (CWN) CEO and Managing Director Ken Barton is stepping down from the role, effective immediately
- His departure comes after the company and his leadership was questioned in a scathing report commissioned by NSW Government
- The state’s gaming authority found Crown was unfit to hold a licence for its newly built Barangaroo casino in Sydney’s CBD
- Several CWN Directors and board members have resigned following the decision last week, with Barton now joining them
- He will be replaced by Executive Chairman Helen Coonan in the interim, while the company searches for an appropriate replacement
- Shares in Crown resorts have opened trading up 0.61 per cent at $9.95 each
Crown Resorts (CWN) CEO and Managing Director Ken Barton is stepping down from the role, effective immediately.
The CEO’s departure follows a damning report, which criticised both the company and his leadership.
The NSW Independent Liquor & Gaming Authority formed an inquiry into Crown in 2019, with former judge Patricia Bergin at the helm.
The inquiry was scathing, and ultimately the Gaming Authority decided the company once led by James Packer was unfit to hold a casino licence.
The decision leaves the company’s purpose-built Barangaroo casino in Sydney unable to be open in full.
In a bid to clean up its act, several CWN Directors and board members have resigned following the decision last week.
There was speculation the CEO would also step down, but the company initially stated his role was under review.
By Monday, he had resigned. In a statement, the outgoing leader said he was confident the business was now on “the right path.”
“I would like to thank the Crown Directors for the opportunity to work with them on implementing Crown’s strategy,” Ken Barton said.
“Over the past 10 years, Crown has established itself as a great Australian
company with world-class assets and I am absolutely certain the business is now on the right path as it works to restore confidence in its operations,” he added,
Ken will be replaced by Executive Chairman Helen Coonan in the interim, while the company searches for an appropriate replacement.
Following the CEO resignation today, shares in Crown Resorts have opened trading up a slight 0.61 per cent at $9.95 each at 10:37 am AEDT.