James Packer has resigned from the board of his family company, Consolidated Press Holdings (CPH) with a CPH spokesman confirming that Mr Packer had "stepped off the CPH board as he continues his recovery from illness".
Only in March, the billionaire businessman resigned as a director of Crown Resorts for mental health reasons and checked into a $5000-a-night psychiatric hospital in the US.
Speaking to the ABC, shareholder activist Stephen Mayne says that Mr Packer's decision to step down is a sign of how seriously he is looking after his mental health.
"CPH has long been the principal family investment vehicle, controlling media assets, Crown Casino and the family's $6-7 billion of wealth."
"So, for James Packer to resign from that board is a very significant matter and obviously comes after resigning from all public company boards."
In October 2016, Packer broke off his whirlwind engagement to singer Mariah Carey and shortly afterwards, spoke to the The Weekend Australian about what went wrong.
The casino mogul said that when he met the pop diva, he was in billions of dollars worth of debt and confessed he was "at a low point" in his personal life.
"Documenting the negotiations with my sister was taking longer than expected. Brett Ratner put Mariah and me together. She was kind, exciting and fun. Mariah is a woman of substance. She is very bright."
"But it was a mistake for her and a mistake for me."
Our thoughts are with James and his loved ones at this difficult time.
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