Crown Resorts’ CEO Ciarán Carruthers is reportedly going to be stepping down from the role at Australia’s biggest casino operator after nearly two years in the role.
According to reports by Australia Financial Review and other outlets, Carruthers will be replaced by Crown’s President and Chief Operating Officer, David Tsai, on September 1st until the company finds a permanent replacement.
The CEO departs after handling a challenging period of restructuring for Crown, with the group’s Chairman John Borghetti quoted as saying “Under Ciaran’s leadership, Crown has achieved critical milestones including a whole-of-business transformation and remediation program”.
Carruthers was one of several top casino executives to be brought on by investment giant Blackstone after it acquired Crown for AU$8.9 billion ($6.1 billion) in 2022.
Speaking to AGB earlier this year, Carruthers indicated that he “was always extremely confident” regarding the group being found suitable to maintain its casino licenses in both Sydney and Melbourne.
He indicated that even after the acquisition, Blackstone provided funding and Crown spent “over AU200 million […] in making sure that the work was there and the resources were there”.
He noted at the time that the company’s “problems were not new owners, new management, they were historic legacy issues”.
While Crown has been found suitable in both Sydney and Melbourne, it’s still awaiting the outcome of the investigation in Perth.
Carruthers is quoted as saying “I am very pleased to hand over a stronger, compliant and transformed business to its next leader. There is more work to do, but I am very proud of what we have achieved as a team”.
