Xavier Walsh The Latest Crown Exec To Fall On His Sword
Crown Melbourne CEO Xavier Walsh is the latest Crown Resorts executive to fall on their sword. Walsh’s resignation continues the trend of the rats deserting a sinking ship.
Crown announced the resignation of Walsh to the Australian Stock Exchange on August 3.
“Crown Resorts Limited today announced that Mr Xavier Walsh will cease his role as Crown Melbourne Cheif Executive Officer on 20 August 2021. Mr Walsh will remain available to assist the company until his employment at Crown ends on 9 December 2021.”
“Mr Walsh joined Crown in 2008, working on secondment as the Chief Operating Officer of Cannery Casinos Resorts, which operated in Nevada and Pennsylvania in the United States of America before returning to Australia in 2013 to assume the position of Chief Operating Officer of Crown Melbourne. In December 2020, Mr Walsh was appointed Crown Melbourne Chief Executive Officer.”
“Crown will announce an interim appointment for the role of CEO Crown Melbourne following consultation with the Victorian Commission for Gambling and Liquor Regulation.”
Walsh Unfit to Run The Melbourne Casino
Walsh resigning as CEO does not come as a surprise in the slightest. The announcement came as Crown gave closing submissions to the Victorian royal commission. The royal commission gave a scathing report on Walsh’s managerial ability.
Adrian Finanzio, counsel assisting the royal commission, does not believe Crown is suitable to hold a Victorian licence. Furthermore, Walsh is unfit to run the company, according to Finanzio.
“This is not a case of isolated or trifling indiscretions or breaches, capable of easy and quick rectification. No amount of restructuring can restore confidence in it as a fit and proper person to hold a licence.”
“The evidence reveals serious misconduct, illegal conduct, and highly inappropriate conduct, which has been encouraged or facilitated by a culture which has consistently put profit before all other considerations.”
“In the time since he’s [Walsh] been thrust into positions of greater authority, he has, with respect, not risen to the occasions in a way which can give any confidence that he has the necessary qualities to be a suitable associate of Crown.”
Coonan Steps Down From Her Role By The End of August
Helen Coonan‘s time of being Crown’s executive chairman concludes by the end of August. Coonan stepped into the role in January 2020. Crown’s AGM in October was when Coonan’s tenure with Crown Resorts should have ended. However, Crown’s senior counsel Michael Borsky told the Victorian royal commission the company is expediting Coonan’s steping down.
“Crown draws to the Commission’s attention that Ms Coonan, in any event, consistent with her evidence before you in this Commission, that she was looking to perform an orderly handover. We’ll announce her retirement as interim executive chair and from all Crown boards as soon as Crown has appointed a new leader.”
Crown hopes to appoint its new leader by August 31 this year.
Coonan is a former politician who was Senator for New South Wales from 1996 to 2011. She represented the Liberal Party. The highly intelligent Coonan has a law degree and was a barrister and solicitor before entering politics.
She has given no indication regarding what career path she is embarking on. She is the principal and director of Coonan Consultancy Services Pty Ltd, where Coonan calls herself a “strategic advisor to corporate clients.”
It is unlikely any corporate clients will be beating down Coonan’s door after the Crown fiasco. That said, she is the only Crown executive to come out of this whole debacle with any shred of dignity. This despite the royal commission deeming Coonan unfit for her role. She spearheaded Crown’s reform programme in a vain attempt for the company to keep its licences.
