Star (ASX:SGR) appoints John O'Neill as interim executive chairman

Company News

by Lauren Evans

The Star Entertainment Group (ASX:SGR) has said John O’Neill will assume the role of interim executive chairman until a new managing director and CEO is appointed.

This follows the resignation of Star’s former CEO Matt Bekier this week. Star said executive search firm Spencer Stuart has commenced the search for a new managing director and CEO.

Mr O’Neill will be paid additional remuneration of $1.5 million per annum, or $125,000 per month, while he performs the executive chairman role, bringing his total remuneration to $2 million per annum.

Star said that while the board considers it critical that the company has stability in this transitional period to a new managing director and CEO, it acknowledges the need for accelerated board change.

A review of The Star Sydney is ongoing, and the company said it continues to cooperate fully.

Shares in The Star Entertainment (ASX:SGR) are trading 0.2 per cent lower at $3.24. 
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.