Senior executive Macdonald brings extensive experience in legal, regulatory, and governance matters. The appointment is contingent upon obtaining all necessary regulatory approvals. Macdonald previously held positions at the New Zealand Stock Exchange (NZX). Most recently, he served as the general counsel and company secretary for the NSX and chaired the NZX Corporate Governance Institute. Macdonald has also held legal roles in New Zealand, Australia, and the UK. Until Macdonald’s appointment is confirmed, Jennie Yuen will continue to be responsible for communication with the Australian Stock Exchange. Additionally, Nawal Silfani, appointed as a company secretary in September 2022, will assume a new strategic governance role within the group. Star welcomes Mr. Macdonald and appreciates the ongoing contributions from Ms. Silfani and Ms. Yuen.
Changes at the top:The appointment of Mr. Macdonald follows the recent appointment of David Foster as the new chairman by Star. In March, Foster replaced Ben Heap, who held the position for less than a year. Heap initially became interim chairman in June 2022, following the departure of Matt Bekier as managing director and CEO. However, in December, Star announced Heap’s resignation due to being named in civil proceedings alongside other current and former directors and former executives by the Australian Securities and Investments Commission (ASIC).
Star reveals AU$2.4bn loss:Last month, Star reported a yearly loss of AU$2.4bn (£1.3bn/€1.5bn/US$1.54bn) as it accounted for the devaluation of its casinos in Sydney, Gold Coast, and Brisbane. The company disclosed significant expenses amounting to AU$2.8bn for the fiscal year ending on June 30, 2023. These expenses comprised an AU$2.2bn non-cash impairment of goodwill and property assets in Sydney, Gold Coast, and Treasury Brisbane. Additionally, regulatory and legal costs reached AU$595m, debt restructuring costs amounted to AU$54m, and redundancy costs totaled AU$16m.
