The Crown Resorts Ltd (ASX: CWN) share price will be one to watch next week after a late announcement on Friday.
What did Crown announce?
On Friday afternoon Crown announced sweeping changes to its c-suite and boardroom.
According to the release, the Crown board has appointed its chief financial officer, Ken Barton, as the casino and resort operator’s chief executive officer and managing director. This remains subject to the receipt of any necessary regulatory approvals which may be required.
Mr Barton will oversee a process to appoint a replacement chief financial officer of Crown. In the meantime, the new chief executive will continue to perform the role of chief financial officer.
It also revealed that its non-executive director, the Honourable Helen Coonan, has been appointed as the company’s new chair.
John Alexander has stepped down as the company’s executive chairman, but will remain an executive director to assist with the transition of the chair and chief executive roles.
Another change the company has made is the appointment of another non-executive director, Professor John Horvath AO, as the new deputy chair.
The company’s new chair, Helen Coonan, said: “The Crown Board has been working for some time to consider and to implement a governance structure that is more in line with the traditional model with a Non-executive Chair, a position that I am very honoured and privileged to have been asked to hold, and a separate CEO. This new structure is in line with feedback we have received from a number of proxy advisers and shareholders and better aligns with contemporary governance practices.”
“I am pleased to be able to announce these changes to our governance structure and to welcome Ken Barton to the role of CEO. Ken’s deep experience over the last 10 years in the business will serve the company well,” Coonan added.
The new chief executive officer appears up for the challenge of leading the casino giant.
Barton said: “I would like to thank the Crown Directors for the opportunity to work with them on implementing Crown’s strategy and, along with Helen, thank John for his leadership over the last three years. I look forward to continuing to work with the outstanding Crown team in this new capacity.”
The post Crown names its new CEO and chair appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020