Mr Barton was heavily criticised in an independent report released last week that found Crown was unfit to hold the licence for its new Sydney casino,and his widely anticipated resignation on Monday followed that of three directors last week.
Ms Coonan emerged from former Supreme Court judge Patricia Bergin’s 750-page report unscathed and the NSW gambling regulator has expressed confidence in working with her as Crown tries to reform itself into a suitable licence holder.
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But Ms Coonan’s nine-year stint as a Crown director - during a period of corporate governance dysfunction and in which the company’s casinos were infiltrated by criminals and money launderers - means some investors will also see her eventual departure as necessary.
Jason Beddow,managing director of the $6 billion fund manager Argo Investments which is Crown’s eleventh largest shareholder,said Ms Coonan will “probably” also need to leave once she has installed a new CEO and new directors.
“But short term,you can’t have no one there,” Mr Beddow said. “She’s clearly been involved with the regulators,and clearly they’re comfortable that she’s there now.”
Head of research at the proxy adviser Institutional Shareholder Services (ISS),Vas Kolesnikoff,said Ms Coonan was the “default choice” for someone to steady the ship at Crown,but her long history on the board would become a problem for some shareholders.