Virgin Australia’s former chief executive John Borghetti will replace Bill McBeath as the chair of Crown Resorts from July.
McBeath, who has helmed the Crown board since the company was bought by private equity giant Blackstone for $8.9 billion in 2022, will step down after two years in the role, the casino operator said in an emailed statement on Tuesday.
Former Virgin Australia boss John Borghetti will take the chair at Crown Resorts.Credit: Dominic Lorrimer
Borghetti has been the chairman of Crown Sydney since Blackstone took over.
Crown has just emerged from a lengthy and expensive remediation process, and now has regulatory approval to operate its casinos in Sydney and Melbourne without independent monitoring. Its licences in the two states were withheld in 2021 after two royal commissions into its operations found the business had committed extensive anti-money laundering and counterterrorism failings.
McBeath, who is credited with helping the company juggle the regulatory demands of NSW, Victoria and Perth, will continue to hold a seat on the board.
“Now is the appropriate time to appoint an Australian-based chair, who will continue Crown’s focus on transformation, regulatory compliance, and safe and sustainable future growth,” McBeath said.
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Borghetti helmed Virgin until March 2019, about one year before the company fell into administration due to the financial pressures of operating a grounded airline during the COVID-19 pandemic.
He has previously had board roles at Brisbane Airport, Alinta Energy, Coca-Cola Amatil, Energy Australia and the Art Gallery of NSW.