Crown Resorts' CEO, Carruthers, to Depart in September
Crown Resorts, one of Australia's leading casino operators, has announced that its CEO, Ciaran Carruthers, will be stepping down from his role on September 1, 2023. Carruthers joined the company in September 2022, replacing Steve McCann who left to join a competitor, Star Entertainment.
During his tenure, Carruthers played a key role in the reorganization and transformation of Crown Resorts. The company has made significant strides in its operations, improving regulatory compliance, and achieving critical milestones such as a whole-of-business transformation and remediation program.
One of the most notable achievements under Carruthers' leadership was the implementation of the unique gambling harm minimization program, Crown PlaySafe. This program has been instrumental in promoting responsible gambling practices within the company.
Crown Resorts' operations have also seen improvement under Carruthers' leadership. In June 2022, the company was acquired by Blackstone for $6.15 billion. Blackstone has since invested over $130 million to help Crown Resorts improve its policies and ensure compliance with regulations.
However, the company has faced regulatory scrutiny amid government probes regarding deficiencies and breaches related to anti-money laundering and counter-terrorism financing policies. Despite these challenges, Crown Resorts has retained its gaming licenses during Carruthers' leadership.
Carruthers will remain with Crown Resorts in an advisory role until the end of 2024. His permanent successor, Tom Waterhouse, has already been appointed. David Tsai, the president and chief operating officer of Crown Resorts, has been selected as the interim CEO, effective from September 1.
John Borghetti, Crown Resorts' chair, spoke about Carruthers' leadership and achievements, including the implementation of cashless gaming and Crown PlaySafe. Borghetti praised Carruthers for handing over a stronger, compliant, and transformed business to its next leader.
Despite the job cuts affecting its all inclusive resorts in Perth, Sydney, and Melbourne, Crown Resorts has demonstrated resilience under Carruthers' leadership. As Carruthers steps down, he leaves behind a legacy of transformation and compliance that will shape the future of Crown Resorts.
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