The Star Entertainment Group has declared that David Foster will assume the position of the company’s new leader, succeeding outgoing chairman Ben Heap.
Foster joined the Star Entertainment Group’s board as a non-executive director in August of the previous year. Before this appointment, he accumulated over two and a half decades of experience in the financial services sector, including a period of over five years as the chief executive officer of Suncorp Bank.
Foster is scheduled to officially commence his new role on March 31st, contingent upon receiving the required regulatory authorizations.
Heap assumed the role of chairman last June, following a period as interim chairman, succeeding Matt Bekier’s term as managing director and chief executive officer.
However, Star Entertainment Group disclosed in December that Heap would be relinquishing his position. This announcement followed the Australian Securities and Investments Commission (ASIC) including Heap on a list of current and former directors and former executives who would face civil legal proceedings.
These legal cases pertain to section 180(1) of the Corporations Act 2001 (Cth), which stipulates that company officers “must exercise their powers and fulfill their responsibilities with care and diligence.”
The Australian Securities and Investments Commission (ASIC) declared the action was linked to the results of an inquiry into Star Entertainment’s activities in New South Wales and Queensland. Both regions recently concluded that Star Entertainment was not appropriate to possess a casino operating permit and subsequently revoked its licenses.
“I express gratitude to the board and management team for their assistance during my tenure as chairman,” stated Ship. “I am confident that Star Entertainment will be a significant force in the Australian tourism and entertainment sector for years to come, employing numerous individuals in prime locations in Sydney, Brisbane and the Gold Coast.”
Foster added: “Ben has played a crucial role during this challenging period for Star Entertainment. He provided leadership and stability at a critical juncture, including overseeing the selection of a new chief executive, the renewal of the board and the reorganization of the balance sheet.
“These were all essential foundational steps that are now finished and the company is reconstructing, moving towards a thrilling new period. I am pleased to assume the position of chairman and we will remain steadfast in our commitment to regaining the confidence of the public.”
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