Finance Finance News Crown Resorts director Ashok Jacob resigns

Crown Resorts director Ashok Jacob resigns

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Crown Resorts director Ashok Jacob has resigned from the casino operator’s board.

“I would like to thank Ashok for his valuable contribution to Crown over many years,” Crown Resorts chairman James Packer said on Tuesday.

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Mr Jacob has been a director of Crown since July 2007 and has had a long association with the Packer family.

He is the chairman and chief investment officer of Ellerston Capital, an investment vehicle set up by the Packers.

Ellerston, a specialist funds manager, was established in 2004 as a subsidiary of Consolidated Press Holdings (CPH), a holding company used by James Packer’s family.

Prior to the Packer relationship he was a financial adviser with Visy owners the Pratt family.

CPH holds 25 per cent of Ellerston’s ordinary shares and 50 per cent of Crown Resorts.

Mr Jacob was the chief executive of CPH from 2006 to 2011 and previously the joint chief executive from 1998 to 2006.

Mr Jacob is a director of CPH.

He also is chairman of Ellerston Global Investments, which listed on the Australian Securities Exchange in October 2014.

Ellerston Global Investments is managed by Ellerston Capital.

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