Echo Entertainment chairman John Story has been forced into resigning, after Crown Casinos owner James Packer spent months campaigning for it. The situation seemed to be settled earlier this week, when Packer called off a shareholders meeting, during which members would vote on the issue; however, Echo Entertainment requested his resignation, claiming that the controversy James Packer had stirred was damaging the business.
Packer had wanted John Story to resign so that Jeff Kennett would take his place. As the former Victorian premier, Packer believed that Kennett would be the ideal for the position. Now, without being a direct result of Packer’s actions, John Story has left, making room for Kennett. However, it has been announced that Echo Entertainment Director John O’Neill will be the new chairman.
“We welcome the appointment of John O’Neill as acting chairman of Echo and look forward to the Echo board now restoring the company’s relationship with its key stakeholders,” says Packer.
Echo Entertainment issued a statement responding to the situation. John O’Neill publically thanked John Story for his contributions to Echo Entertainment, recognizing all of the hard work he had done to make the casino operator one of the most successful in the country.