The resignation in April of SkyCity Entertainment Chief Executive Nigel Morrison has sparked questions about his exit, and more questions about the terms of his exit package. According to the Asia Gaming Brief, Morrison will walk with “up to NZ$5 million (US$3.36 million) and observe a 12-month restraint of trade.
According to AGB, market commentators are asking why the payout is so generous, and why the restraint of trade lasts a year given Morrison’s “voluntary departure.” Morrison contends he was “keen to take a break” after eight years in the high intensity position. “It’s an incredibly demanding job,” he said.
But local sources speculated that SkyCity’s announcement that it would raise a further NZ$263 million (US$178 million) from shareholders sparked new questions, because the company previously said it was able to finance expansion out of existing credit facilities.
Meanwhile, SkyCity Chairman Chris Moller says Morrison’s departure was not abrupt, and that he, the board of directors and the former CEO have been formally discussing succession planning since September 2015.
