Australia's Star Entertainment top brass steps down amid Sydney casino inquiry
Reuters
Published Mar 22, 2024 03:52AM ET
Updated Mar 22, 2024 05:05AM ET
(Reuters) - Star Entertainment's chief executive and finance officer are stepping down, the beleaguered Australian casino operator said on Friday, as it faces a second inquiry into its Sydney operations.
Chief Executive Officer Robbie Cooke, who is also the managing director, leaves immediately, while Chief Financial Officer Christina Katsibouba will be replaced by Neale O’Connell on an interim basis from next week, Star said in statements.
David Foster, chairman, will take up the additional role of Star's executive chairman while the search for a new chief is being conducted, the company said.
Its shares ended 2.9% higher at A$0.540 on Friday, posting their highest close since March 8, but have fallen nearly 83% since 2022. The company's announcements came after the market closed on Friday.
Star, which is facing a second inquiry into its Sydney casino operations after a license to operate the casino was suspended in October 2022, said CEO Cooke's leadership was not going to be conducive to the inquiry. The license was suspended after an independent commission found the company had failed to prevent money laundering and criminal activity.
Cooke had stepped into the top role in October 2022 and was appointed managing director later that year.
Katsibouba, who was appointed as CFO in late 2022 when the company was under increased scrutiny by regulators due to poor management of money-laundering risks, has decided to leave to pursue other interests, the company said.
Its interim CFO, O’Connell, has previously served as finance chief at travel management services provider Corporate Travel Management and Tatts Group, it said.
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Written By: Reuters
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