The chair of Echo Entertainment Group John Story has resigned after several days of concerted attempts to remove him by minority shareholder and competitor James Packer.
‘‘The board of Echo has formed the view that the ongoing disruptive campaign… for the removal of Mr Story was damaging to the company, and that it was in the best interests of shareholders that Mr Story not contest the resolution,’’ Echo said in a statement today.
Recent days have seen Story’s record tarnished in full-page colour ads taken out in many of the nation’s papers by Crown Casino, chaired by James Packer.
In a letter to Echo shareholders late last month, Packer criticised staff management under John Story.
Yesterday, key Echo shareholder Perpetual Investments said it did not support Packer’s bid to replace Story with former Victorian premier Jeff Kennett.