Crown (ASX:CWN) share price up despite Crown Melbourne CEO exiting

Crown Melbourne is set to have a new head as its CEO goes to the chopping block.
The post Crown (ASX:CWN) share price up despite Crown Melbourne CEO exiting appeared first on The Motley Fool Australia. –

The Crown Resorts Ltd (ASX: CWN) share price is in the green despite the company announcing Crown Melbourne’s CEO is leaving his role.

Xavier Walsh will step down from the top job at Crown Melbourne on 20 August.  He will continue to be available to the company until 9 December.

Right now, the Crown share price is $8.97, 0.45% higher that its previous closing price.

Let’s take a closer look at the latest news from Crown.

Crown Melbourne CEO steps down

The Crown share price is gaining this morning following news Crown Melbourne’s CEO will step down.

Walsh has held the top job at the Southbank casino since December 2020. Prior to his role as CEO of Crown Melbourne, he held various chief operating officer roles with Crown entities.

Crown stated it will appoint an interim CEO following consultation with the Victorian Commission for Gambling and Liquor Regulation.

Walsh’s resignation follows revelations at the Royal Commission into the suitability of Crown to hold Melbourne’s casino licence that Walsh was aware Crown Melbourne underpaid tax in 2018.

On June 7, the Commission heard Walsh began an internal investigation into the matter after the Royal Commission was announced. Interested readers can find a transcript of the revelations here.

The Crown share price fell 1.3% on the day the Commission heard the allegations.

Additionally, during the Royal Commission’s closing remarks, counsel assisting the Commission Adrian Finanzio said unless Crown makes changes to its leadership, it is unsuitable to hold a casino licence.

Finanzio said of Walsh:

In the time since he’s been thrust into positions of greater authority he has, with respect, not risen to the occasion in a way which can give any confidence that he has the necessary qualities to be a suitable associate of Crown.

Finanzio also said Crown’s chair Helen Coonan was unsuitable for her role.

The Crown share price fell 2.6% after the comments.

Closing submissions to the Royal Commission will be heard today.

Crown share price snapshot

Despite being in the green today, the Crown share price has been struggling lately.

Right now, it’s 7% lower than it was at the start of 2021. However, it has gained almost 3% since this time last year.  

The post Crown (ASX:CWN) share price up despite Crown Melbourne CEO exiting appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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