$6.8m Golden Handshake from Crown

In Australian Domestic Tourism, Business Resources, Featured Home Page News, Gambling
$7.8m Golden Handshake from Crown

Crown Resorts have finalised payouts for some of their former top executives, Ken Barton -former Crown Resorts CEO has been given a $6.8 million payout as he leaves the company.

Todd Nisbet, former vice-president of strategy and development, got $7.6 million after he resigned amid bullying accusations

Former executive chairman Helen Coonan received a $1.3 million payout.

From the financial Review 09.09.2021

Former Crown Resorts boss Ken Barton has walked away from the troubled casino giant with a huge golden handshake, earning $6.8 million in his final year with the group and retaining a lucrative options package.

The NSW probe found Ken Barton was “no match for what is needed at the helm of a casino”. 

While a NSW probe into Crown found Mr Barton was “no match for what is needed at the helm of a casino”, the company has nevertheless classified him as a “good leaver”. The inquiry, led by Patricia Bergin SC, found the James Packer-backed operator had facilitated money laundering through its bank accounts, disregarded the welfare of China-based staff who were eventually arrested, and partnered with junket operators linked to organised crime.

Mr Barton’s payment comprised $2 million of fixed remuneration and $3.4 million in termination benefits, Crown’s annual report showed on Thursday.

Crown paid him $1.4 million in leave entitlements on top of this amount.

Mr Barton also acted as a consultant to Crown until Wednesday, although the value of this contract was not disclosed. He will retain 8.5 million options in Crown’s digital subsidiary as he was a “good leaver”.

Ex-Australian resorts chief Barry Felstead – pilloried for failing to escalate to the board a crackdown on foreign casinos luring Chinese citizens overseas to gamble and that two of Crown’s China-based staff had been questioned by local police – took home $6.9 million in the 2021 financial year.

This included $1.2 million of fixed pay, $3.2 million in termination benefits and a further $2.5 million of leave reimbursements.

Todd Nisbet, former vice-president of strategy and development, got $7.6 million after he resigned amid bullying accusations. His pay was made up of $2.3 million in fixed pay, $3.1 million of termination benefits, $1.4 million of leave reimbursements and $800,000 of non-monetary and other benefits.

Coonan pockets $1.3 million in final year

They are among a string of executives and directors to exit the company after a dramatic year in which it was found unsuitable to hold a Sydney casino licence and faced royal commissions in Victoria and Western Australia.

Former executive chairman Helen Coonan was the most recent casualty, when the Victorian inquiry in August questioned her ability to reform the company after she had written to the state government trying to pre-empt any adverse findings and revelations that Crown had underpaid taxes.

Crown paid her $1.3 million last financial year.

The remaining board directors – Jane Halton, Toni Korsanos, Nigel Morrison and Bruce Carter – thanked Ms Coonan for her “leadership and stability during an extremely challenging period” in a letter to investors.

“She has made a major contribution to Crown’s reform program and navigated the company during a time of significant change and disruption,” they said.

NBN Co’s Ziggy Switkowski will soon join Crown as its new chairman.

Crown has hired respected former Lendlease chief executive Steve McCann to lead its rebuild, luring him with 400,000 shares valued at $3.9 million at Crown’s current share price of $9.87 as a sign on incentive.

The Crown board assured shareholders changes were coming.

“We have revised organisational structures, enhanced capability and increased resourcing across a number of key areas,” they said.

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