Crown Resorts CEO to step down

Australian news outlets are tipping for Crown Resorts CEO Rowen Craigie to announce his departure from the casino company soon after Thursday’s interim results.

According to The Australian and the Australian Financial Review, the head of Crown Australia, Barry Felstead will likely be the successor for the role.

It was only earlier this month that chairman Robert Rankin has announced his departure from the company, to be replaced by executive deputy chairman John Alexander.

The company has been in hot water since the arrest of its staff in mainland China, who are still in custody today.

In November last year, a research company set up by the federal government of Australia slammed the casino operator, calling into question its corporate governance and risk management capabilities.

“Regnan maintains concerns over the absence of a lead independent director, lack of specific industry skills among independent directors and over commitment issues for some directors which could reduce director capacity to effectively discharge their duties”.

The operator suffered a slump in share price after the arrest of 18 employees, including their vice president of VIP Jason O’Connor in October last year.