Crown CEO in line for $9.2m exit payment

Former Crown Resorts chief executive Rowen Craigie could receive around $9.2 million in termination benefits after 10 years in charge of the casinos operator.

Former Crown Resorts chief executive Rowen Craigie will get a golden handshake worth around $9.2 million, pending shareholder approval.

Mr Craigie stepped down in February after a decade in charge of James Packer's casino operator, and stands to be paid termination benefits of $6.27 million in cash, plus shares earned as long term incentives that have a current value of about $2.9 million.

The payout needs the approval of Crown Resorts shareholders at the company's annual general meeting on October 26.

Executive chairman John Alexander has urged shareholders to vote in favour of Mr Craigie's payout, who was also paid a salary $2.1 million in his eight months as CEO in the 2016/17 financial year.

Mr Craigie joined Crown's Melbourne casino in 1993 and was appointed chief executive and managing director of Crown Resorts in 2007.

His departure in February followed major changes in the company's strategy, including the dropping plans to demerge its international business, selling down its stake in the Melco Crown Entertainment casinos joint-venture in Macau, and dumping plans for a new Las Vegas casino.

Mr Alexander, who replaced Mr Craigie, was paid $3.03 million in 2016/17, including a base salary of $2.3 million and almost $700,000 in other benefits.


2 min read

Published

Source: AAP



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