Helen Coonan will assume the role of executive chairman of Crown following Ken Barton’s resignation as CEO. Coonan expressed gratitude for Barton’s contributions to the company, highlighting his decade-long commitment and dedication. Barton’s departure came after an inquiry revealed evidence of money laundering and insufficient diligence in relation to alleged criminal connected junkets. The inquiry also criticized Crown for corporate arrogance and a lack of thorough investigation. The report was initiated when Melco agreed to purchase a 19.99% stake in CPH Crown Holdings, prompting allegations that led to the inquiry. Although Melco withdrew from the acquisition, the inquiry proceeded and its findings were released recently.
To ensure stability during this period of change, Coonan will lead the business as executive chairman while the board searches for Barton’s replacement. The report concluded that Crown could continue its casino operations if it implemented recommended changes. These changes include only engaging with licensed junkets, conducting full audits of accounts and compliance, and restructuring the board. Coonan affirmed that Crown is committed to complying with all recommendations from the inquiry and its own internal reform program. She will collaborate closely with regulatory authorities in New South Wales, Victoria, and Western Australia.
Barton expressed confidence that Crown is now on the right track as it undergoes these changes and works to restore confidence in its operations. He thanked the Crown Directors for the opportunity to contribute to the company’s strategy, emphasizing its reputation as a great Australian enterprise with exceptional assets. Barton also pledged to support the transition to new leadership. His employment contract entitles him to receive fixed remuneration of AUD$3m per year.
