Billionaire James Packer has stepped down as chairman of casino group Crown Resorts.
Robert Rankin will take over the chairman's role at Crown, while Mr Packer will be appointed senior executive director.
Mr Packer, who is Crown's largest shareholder, says he'll devote his time in his new role to developing the casino group's pipeline of resorts around the world.
"Crown remains my number one business priority and passion," he said in a statement on Thursday.
"Rob Rankin has my complete trust and respect as an executive and he will do an outstanding job as chairman.
"Given our global growth and aspirations, this is the right time for the company to make this change. I look forward to working closely with him."
Mr Packer said he would work on driving Crown's joint businesses in Asia and its planned resort in Las Vegas, as well as developing its online operations.
He said he was deeply committed to Crown's planned six-star resort at Barangaroo in Sydney.
"No project is more important to me," he said.
The announcement came as Crown reported a slide in annual profits.
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