Australian casino operator Crown Resorts is losing two directors after a contentious annual general meeting that followed weeks of damaging revelations regarding regulatory non-compliance.
On Thursday, Crown announced the imminent retirement of directors John Alexander and John Horvath, both of whose names were recently tarnished at the New South Wales Independent Liquor & Gaming Authority (ILGA) inquiry into Crown’s suitability to hold a state gaming license for its Crown Sydney property.
Horvath was one of three directors up for re-election at Crown’s AGM on Thursday, and investors holding 31.3% of Crown shares voted against him retaining his seat. That’s slightly worse than the 24.8% who voted against Jane Halton’s re-election but much better than the 41.4% who voted against Guy Jalland sticking around.
All three directors had their bacon saved through the voting clout of James Packer, who controls around 36% of Crown stock and originally recommended Jalland’s board appointment. Horvath appears to have understood that most shareholders not named Packer wanted him gone, while Jalland and Halton appear to be of the ‘from my cold dead hands’ school of corporate entitlement.