This appointment comes after the resignation of previous CEO Ken Barton after money laundering scandal allegations emerged
Australian land-based operator Crown Resorts has appointed Steve McCann as its new CEO and managing director, subject to the receipt of certain probity and regulatory approvals.
McCann is currently the group CEO of real estate and investment group Lendlease Corporation, a role he has held for more than a decade, and he will retire from the board on 31 May 2021, and will join Crown effective 1 June 2021.
According to a filing from Crown to the ASX, McCann is an experienced global executive with an acute understanding of the Australian corporate and regulatory environment after a 25-year executive career.
He will take over the helm from Ken Barton, who stepped down as CEO on 15 February over money laundering scandal, after an inquiry signaled that Crown was “unsuitable” to operate a casino in Sydney’s Barangaroo region or wasn’t fit to hold a gaming licence in the state of New South Wales and other cities.
McCann stated, “I am looking forward to joining Crown at a crucial time for the organisation and see a real opportunity to help drive significant shareholder value as the company addresses its challenges and emerges from the constraints of the pandemic,”
Helen Coonan, who will continue to perform her executive responsibilities as interim executive chairman at Crown until McCann receives the necessary approvals, said, “Recognised as one of Australia’s most respected business leaders, Steve has a unique blend of strategic, financial and corporate governance expertise and a track record of building strong employee engagement and driving cultural change,”
“During a comprehensive recruitment process, Steve was the clear choice from a quality field of prospective candidates. The board was looking for a CEO firmly committed to building on the momentum for change within our business and Steve is ideally placed to hit the ground running as our sweeping reform program takes hold.”
The appointment comes as Crown (on 10 May) announced that it had received $12 billion mega-casino merger proposal from rival operator, Star Entertainment Group, that would result in pro forma ownership of the merged entity of 59% for Crown shareholders and 41% for Star shareholders.
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