Star Entertainment Group Appoints New Group Corporate Secretary
Star Entertainment Group in Australia has revealed the selection of Hamish Macdonald as their new Group Corporate Secretary.
Macdonald is a veteran executive with a wealth of experience in legal, regulatory, and governance affairs. The selection is pending all required regulatory approvals.
Macdonald previously served at the New Zealand Stock Exchange (NZX). He most recently held the position of NSX’s Chief Legal Counsel and Company Secretary, and also chaired the NZX Corporate Governance Institute.
Before this, Macdonald held legal roles in New Zealand, as well as Australia and the United Kingdom.
Until Macdonald’s appointment is finalized, Jenny Eun remains the point of contact for communication with the Australian Securities Exchange.
Furthermore, Navar Silfarani, who was chosen as Company Secretary in September 2022, will assume a new strategic governance position within the organization.
“We extend a warm welcome to Mr. Macdonald and express our gratitude to Ms. Silfarani and Ms. Eun for their ongoing contributions,” stated Star Entertainment Group.
The selection follows the appointment of David Foster as the new chairman of Star Entertainment Group earlier this year. Foster succeeded outgoing chairman Ben Heap in March, who stepped down after less than a year in the position.
Ship assumed the role of chairperson in June 2022, having previously held the position of temporary chairperson. This followed the departure of Matt Bekier as chief executive officer.
Star Entertainment revealed in December that Ship would be departing after he was implicated in a civil lawsuit filed by the Australian Securities and Investments Commission (ASIC) against a group of current and former directors and former executives. This came after the company reported a A$2.4 billion loss.
Star Entertainment reports A$2.4 billion loss
Last month, Star Entertainment reported a A$2.4 billion (GBP 1.3 billion/EUR 1.5 billion/USD 1.54 billion) loss for the entire year 2022, as the company incorporated the cost of impairments to its Sydney, Gold Coast and Brisbane casinos.
The company also announced A$2.8 billion in “major project” spending for the year ending June 30, 2023. This follows a series of fines and penalties faced by the company in recent years.
This includes a A$2.2 billion non-cash impairment to its Sydney, Gold Coast and Brisbane Treasury casinos, along with A$595 million in regulatory and legal expenses, A$54 million in debt restructuring expenses and A$16 million in redundancy expenses.
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