As interim Executive Chairman, Helen Coonan will be paid an extra $1.8 million per annum taking her total remuneration to $2.5 million. Coonan stepped into the role following CEO Ken Barton’s resignation on Monday.
Coonan was clear at Thursday’s meeting that she does not intend to sit in the role for too long and that she is there only to lead the “journey of reform”.
“I want to be clear I do not see myself as Executive Chairman for an extended tenure. We have already commenced a global search for a new CEO,” she said.
On Thursday, Crown announced a revenue fall of more than 60 per cent down to $581 million, with the business having endured a $120 million loss in the December half. Management attributed the losses to the pandemic, particularly the closure of Crown Melbourne where revenue was down by 90 percent.
General Counsel and Company Secretary Mary Manos stepped down from her role prior to Thursday’s meeting. The NSW Independent Liquor & Gaming Authority had called for her resignation last Friday following criticism of her professional conduct in the Bergin report.
Alan McGregor, Crown’s Chief Financial Officer, has been appointed as
interim Company Secretary of Crown and will be the person responsible for communication with the ASX.
Coonan, said: “Despite the uncomfortable reading at times, Crown has welcomed the Commissioner’s report of the NSW Independent Liquor and Gaming Authority (ILGA) Inquiry. We see it as an opportunity for a complete and comprehensive corporate re-set.
“We recognise the need for immediate and swift action and I would like to reiterate my commitment to driving the necessary ‘root and branch’ change that is required. Crown has committed to working constructively with
ILGA to advance reforms necessary to allow it to give effect to the Restricted Gaming Licence in Sydney.”
This reform extends beyond Sydney and the opening of the $2.2 billion Barangaroo. Reform is also needed to remedy Crown’s reputation with both the public and regulators in Victoria and especially Western Australia the terms of reference for an inquiry are currently being drafted.