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Kerry Packer`s not thinking of retirement
Sydney, Oct 31: Australia`s richest man, Kerry Packer, ruled out any intentions of resigning from the board of his family`s media and casino media empire on Thursday despite a series of life-threatening health problems.
Sydney, Oct 31: Australia's richest man, Kerry Packer, ruled out any intentions of resigning from the board of his family's media and casino media empire on Thursday despite a series of life-threatening health problems.
Packer's reputation as a ferocious and intimidating businessman was on show as he sparred verbally with shareholders at the annual meeting of Publishing and Broadcasting, often reminding them who was the biggest shareholder. Asked by what age he thought company directors should resign during a debate on board tenure, the billionaire with a passion for polo and gambling replied: “The beginning of senility”. “No one can tell me Warren Buffet is now too old to be in charge of Berkshire Hathaway. He’s 88 years of age. He’s been running it for 50 years and he’s been the most successful person in American business.”
Packer shares a reluctance to retire with fellow Australian media mogul Rupert Murdoch, who earlier this month told the annual general meeting of his News Corp group: “I will be carried out”. Despite his quick-fire responses, Packer, 65, who underwent a life-saving kidney transplant several years ago using an organ donated from his helicopter pilot, appeared pale throughout the meeting.
At a height of 1.9 metres (6ft 2in), Packer’s bulky physique has helped make him one of Australia’s most recognisable and feared public figures, but he suffered a near fatal heart attack in October ’90. Declared clinically dead for eight minutes, Packer was revived by electric shock treatment and famously declared: “The good news is there’s no devil. The bad news is there’s no heaven. There’s nothing.”
With son James, PBL’s executive chairman, on his left and wife Roslyn and daughter Gretel in the audience, Packer defended the bonuses paid to directors at PBL, which owns Australia’s top-rating television group, Nine Network, a magazine stable and Melbourne’s Crown Casino.
Packer shares a reluctance to retire with fellow Australian media mogul Rupert Murdoch, who earlier this month told the annual general meeting of his News Corp group: “I will be carried out”. Despite his quick-fire responses, Packer, 65, who underwent a life-saving kidney transplant several years ago using an organ donated from his helicopter pilot, appeared pale throughout the meeting.
At a height of 1.9 metres (6ft 2in), Packer’s bulky physique has helped make him one of Australia’s most recognisable and feared public figures, but he suffered a near fatal heart attack in October ’90. Declared clinically dead for eight minutes, Packer was revived by electric shock treatment and famously declared: “The good news is there’s no devil. The bad news is there’s no heaven. There’s nothing.”
With son James, PBL’s executive chairman, on his left and wife Roslyn and daughter Gretel in the audience, Packer defended the bonuses paid to directors at PBL, which owns Australia’s top-rating television group, Nine Network, a magazine stable and Melbourne’s Crown Casino.
“You want to pay monkeys and get peanuts?” said Packer. “I’m giving away my money exactly the same way as I’m giving away your money. You’ve got to pay for quality, I know it’s very unfashionable to say that today.” Bureau Report