Crown Resorts has named long-time Group CEO of real estate investment giant Lendlease, Steve McCann, as its new CEO and Managing Director.
The appointment of McCann represents the most significant addition to Crown’s executive team in the wake of the damning Bergin Report in February, which found the company unsuitable to retain its NSW state casino license and recommended the departure of several board members.
Since then, five board members have stepped aside, as has former CEO Ken Barton and General Counsel Mary Manos.
McCann, who has overseen Lendlease for more than a decade, will retire from the company’s Board on 31 May 2021 and join Crown from 1 June 2021 pending receipt of probity and regulatory approvals.
Helen Coonan, who stepped into the role of Executive Chairman of Crown following Barton’s departure in March, will remain in her current role until such approvals are received.
“Steve is a first-class appointment for Crown and the right person to embed the ongoing reforms necessary to restore regulatory and public confidence in our operations,” said Coonan.
“Recognized as one of Australia’s most respected business leaders, Steve has a unique blend of strategic, financial and corporate governance expertise and a track record of building strong employee engagement and driving cultural change.
“During a comprehensive recruitment process, Steve was the clear choice from a quality field of prospective candidates. The Board was looking for a CEO firmly committed to building on the momentum for change within our business and Steve is ideally placed to hit the ground running as our sweeping reform program takes hold.”
McCann added, “I am looking forward to joining Crown at a crucial time for the organization and see a real opportunity to help drive significant shareholder value as the company addresses its challenges and emerges from the constraints of the pandemic.”
According to details provided by Crown, McCann brings more than 25 years’ experience in real estate, funds management, investment banking and capital markets including Head of Property at Bankers Trust and Head of Property, Head of Industrials Mergers & Acquisitions and Head of Equity Capital Markets for Australia and New Zealand at BN AMRO.