Governance faux pas at Crown Resorts

In the wake of a CEO resignation (and general going’s-on), I find it to be a very poor and ill-advised decision for Crown Resorts (CWN.ASX) to have appointed the existing chair as its interim CEO.

Incidentally, public relations spin has given her a title of “Executive Chair”.

In light of the situation, it would be have been more appropriate to ascend the Chief Operating Officer or Chief Financial Officer into the post, while a search for a new appointee develops.

Now we have a chair of a corporation in “board repair” who can’t fire herself as the “CEO”.

Calling all casino operators worldwide……who wants to buy 20% of Crown Resorts in one swoop?

After all, the company is backed by approx. $5 billion in property.

February 16, 2021
by Rob Zdravevski
rob@karriasset.com.au