Australian billionaire James Packer has resigned from the board of Crown Resorts Ltd. due to mental health issues, Bloomberg reported March 20, citing an email from Packer-owned investment company Consolidated Press Holdings Pty. Ltd.
Crown confirmed in a March 21 press release that Packer has resigned "for personal reasons" but did not disclose further details regarding the move.
According to an email from Consolidated Press, which owns 46% of Crown's outstanding shares as of March 7, Packer reportedly suffers from mental health issues and intends to step back from all commitments.
Packer rejoined the Australian casino operator's board Aug. 3, 2017, two years after stepping down as the company's chairman.
Packer's resignation comes less than two weeks after he disposed of 8,240,933 Crown shares, or 1.2% of Crown's issued share capital, he holds through Consolidated Press and CPH Crown Holdings Pty Ltd.