Crown CEO exits after Blackstone takeover

Crown Resorts chief executive Steve McCann has stepped down from his role after a tumultuous year in charge of the casino operator which has managed to retain control of its licences and entered private ownership following a successful $8.9 billion offer from US group, Blackstone.

The investment is installing its own executives following the takeover last month with US casino veteran Ciarán Carruthers taking the top job and Crown flagging more executive appointments to head its three casinos.

Crown Resorts chief executive Steve McCann has stepped down.Credit:Peter Rae

“Further senior appointments including the CEO of Crown Melbourne and CEO of Crown Perth will be announced in due course,” Blackstone said in a statement announcing the transition from McCann’s role to Carruthers beginning in September and subject to probity approval.

McCann will have received $5.2 million from a one-off grant of 400,000 performance rights that vested with Blackstone’s takeover.

Blackstone executive Chris Tynan paid tribute to McCann for his role in leading Crown’s overhaul.

“We thank Steve for his leadership over the last 13 months, including implementing a strong reform and remediation plan and improving the culture of Crown Resorts. We wish the best for him as he pursues other opportunities.

“Blackstone is committed to investing in Crown, helping it realise its true potential as a world-class leader in travel and leisure. Part of that involves bringing in global expertise to complement the existing skills within the business. Ciarán Carruthers is a highly experienced and respected industry veteran who shares our commitment to continuing the transformation at Crown and delivering an exceptional experience for all visitors,” Tynan said.

Steve McCann said he is proud of what has been achieved at Crown over the past 13 months.

“I came into this role at a very challenging time for Crown and I will leave Crown proud that we have made a positive impact on the future of this business.”

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