Crown Resorts sees Ciarán Carruthers depart from CEO post

Crown Resorts has confirmed that its post-acquisition boss, Ciarán Carruthers, will be vacating the position of Chief Executive Officer. He will be succeeded in a temporary capacity by Chief Operating Officer David Tsai, while the company scrambles to look for a new person at the helm.

Crown Resorts sees Blackstone Group era boss step down

The change will happen on September 1, but Carruthers will continue to help navigate the company’s transition over the course of the next several months.

Crown Resorts Chairman John Borghetti has thanked Carruthers for his service and his determination to help steer the company during one of its choppiest periods. He said:

"Under Ciarán’s leadership, Crown has achieved critical milestones including a whole of business transformation and remediation program, the introduction of cashless gaming, mandatory carded play and the successful implementation of its world-leading Crown PlaySafe harm minimization program, which has resulted in Crown’s properties becoming the safest places for gaming in the world."

As to Carruthers himself, he noted that he had decided to step down following the company’s acquisition by Blackstone Group, the world’s largest asset management fund.

The acquisition happened in the fraught context of the company facing challenges regarding its casino licenses in Crown Melbourne and Crown Sydney after the governments and regulators of Victoria and New South Wales found multiple issues with the way operations were carried out on those sites and triggered sweeping enforcement action.

Carruthers confident in the restoration of the Crown Resorts’ good name

Carruthers oversaw the implementation of important processes and best practices that made the Crown Resorts brands synonymous with player safety and trust, eliminating the suspicious practices of the past and instilling a new sense of consumer-focused culture.

As to his departure, Crown Resorts said in a statement that it is looking to carry out the transition smoothly. Carruthers said that he had enjoyed his time with the company but argued that the time has come for him to pursue "other interests and opportunities." As to his legacy, Carruthers added that he was pleased to pass the reins to a stronger and more resilient company to the new leadership.

Crown Resorts has had to trim operations a bit, as the company announced earlier this year that it is going to lay off 1,000 people.

Image credit: Crown Resorts