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His spokesman said at the time that he intended “to step back from all commitments” and Packer was believed to be in the US where he was receiving help for depression and anxiety. On 27 June he quit the board of his private company Consolidated Press Holdings (CPH). Corporate records showed that he resigned from 19 other directorships on the same day, and has given up another two since. Packer, whose net worth is estimated by Forbes at $4.1bn, has quit 24 Australian company boards this year. “The changes are largely administrative in nature and reflect attempts to modernise and simplify the corporate structures,” a spokesman of CPH, Packer’s flagship business, said by email on Thursday. His retreat is all the more remarkable because for generations – and most of the 20th century – the Packer family has been a fixture of Australia’s media business scene. Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk The 50-year-old is one of Australia’s highest profile businessmen and a household name who has previously served on the boards of some of the country’s biggest companies, from Qantas Airways to Nine Entertainment and Seek, where he was an early investor. James Packer questioned by AFP over Israeli PM corruption investigation However, Packer has had a number of battles with depression. After the collapse of One-Tel in the early 2000s he stepped out of the limelight and was said to be dealing with a breakdown. He also experienced mental health issues after his split with his first wife, Jodi Meares, and again during the global financial crisis, when his business empire was hard hit.
For the original version including any supplementary images or video, visit https://www.theguardian.com/business/2018/jul/19/billionaire-casino-owner-james-packer-quits-business-interests
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