Star Group shares closed up 2. 8% in weak market on Friday; The gain seemed rather late when the news broke after 6 p. m. that a head clean-up had been carried out on the beleaguered casino operator.
The company’s CEO, CFO and consumer manager are leaving or leaving, a surprise announcement that will send the stock lower when trading resumes later in the day (Monday).
Staff were notified of the departure of CEO Robbie Cooke and other top executives on Friday afternoon after the market closed at four p. m. It was posted on the ASX website at 6:18 p. m.
The filing showed the departure of Star’s CEO and CFO, Christina Katsibouba, as well as the departure of Chief Customer Officer, George Hughes.
According to Friday’s comments, the cleanup is related to the ongoing investigation into whether the company retains its Sydney license.
The departures cannot yet be thought of as a conscious resolution to create a trio or more of “sacrificial lambs” through the board of trustees to appease a disgruntled regulator and investigation.
“Mr. Cooke and the Board of Directors take into consideration that a substitution in control is in the best interests of the Company at this time, i. e. after considering that the continuation of the Group’s leadership through Mr. Cooke was not “The Casino Commission (NICC) has decided that The Star is capable of having compatibility to have a casino license in New South Wales,” the company said in a statement to the ASX. Cooke joined the organization on the day his casino license was revoked in New South Wales, in October 2022. He was appointed CEO after leading Tyro Payments and promised a cultural review and reorientation.
But it has faced tax proposals in New South Wales, headaches with its Queens Wharf joint venture in Queensland and a longer-than-expected casino license renewal crusade for its three sites.
Cooke told staff, in a note released through the media over the weekend, that he had to resign with “considerable reluctance and great regret. “
He added that he believed the head of the New South Wales Independent Casino Commission, Philip Crawford, “had issues” with his decision to retain several existing executives on the senior control team.
The New South Wales regulator told the Sydney Morning Herald last month that it would open a second investigation into The Star because it was not yet convinced that there had been enough cultural replacement to justify reinstating its state casino license.
“It should be noted that those Americans were not members of the Star’s executive committee at the time the offensive conduct known in Bell’s initial investigation occurred, and I know of no basis to recommend that they were bad actors,” Cooke said in his Friday memo.
“Second, it also appears that the lead commissioner did not know that I was moving fast enough on the reforms and adjustments that were being implemented at the Star, a view with which I respectfully and fundamentally disagree,” Cooke said in the memo, according to Fairfax. media.
Katsibouba, corporate secretary Jennie Yuen, consumer leader George Hughes and staff leader Peter Jenkins were all holding senior positions at The Star when the second investigation was announced. The company also promoted Jessica Mellor to run the Gold Coast casino. Mellor was once the company’s COO as a whole.
But on Friday, Yuen and Mellor remained at their posts. Hughes resigned two weeks ago and Jenkins also resigned Friday after a decade with the group.
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Increases across all areas of Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its Mineral Resource Estimate (MRE) at the Deep Leads Ionic Adsorption Clay (IAC) rare earth deposit in northern Tasmania. The accumulation in MRE comes from 36 extension wells analyzed, representing a significant northward extension for the existing Deep Leads prospect.
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