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- Star Entertainment Group (SGR) appoints John O’Neill AO as Executive Chairman on an interim basis, effective immediately
- Mr O’Neill will lead the company as Executive Chairman until a new Managing Director and CEO is appointed following the resignation of Matt Bekier
- The Star also says it “acknowledges the need for accelerated board change” and will make new director appointments in due course
- Mr O’Neill will be paid $1.5 million per year on top of his existing package, bringing his annual pay to $2 million
- SGR shares were down 0.31 per cent, trading at $3.24
Star Entertainment Group (SGR) has appointed John O’Neill AO as Executive Chairman on an interim basis, effective immediately.
Mr O’Neill will lead the company as Executive Chairman until a new Managing Director and CEO is appointed, which search firm Spencer Stuart has commenced following the resignation of Matt Bekier.
Mr Bekier would be “available in the short term to provide handover assistance as the board requests”, the company said.
The Star also said that it “acknowledges the need for accelerated board change” and would make new director appointments in due course.
This announcement comes after Star has been hit with a class action lawsuit over allegations that the gambling and entertainment company failed to comply with disclosure requirements amid a public inquiry into its casino operations in Sydney.
Senior Counsel Adam Bell is leading the inquiry into the Star Sydney to which the Star said it is “[continuing] to cooperate fully” with.
In June last year, the Australian Transaction Reports and Analysis Centre (AUSTRAC) launched a probe into Star’s casino in Sydney amid concerns over ongoing customer due diligence and compliance with laws.
Star also faced a class action lawsuit from its shareholders last October and it was alleged that the company had mismanaged money laundering and counter-terrorism financing risks.
In the meantime, Mr O’Neill who is a former Australian Rugby Union and Football Federation Australia boss and a Star board member since 2011, will be paid $1.5 million per year on top of his existing package, bringing his annual pay to $2 million.
SGR shares were 0.31 per cent in the red, trading at $3.24 as of 1:23 pm AEDT.
