O’Neill will lead the business in his new role following the departure of former CEO and managing director Matt Bekier. Bekier stepped down after a review of Star’s Sydney casino raised concerns about possible breaches of anti-money laundering and counter-terrorism laws.
The executive search company Spencer Stuart has begun the search for a new managing director and CEO, with Bekier offering handover assistance in the short term. O’Neill will receive additional remuneration of AU$1.5m per year as executive chairman, bringing his total remuneration to AU$2.0m per year.
The board recognizes the need for stability during this transitional period but also acknowledges the requirement for accelerated board change. Star remains committed to its 8,000 team members after experiencing two years of Covid-related shutdowns and restrictions.
Star continues to fully cooperate in the ongoing review of its operations, which includes an assessment of other entities within the group. Public hearings have revealed claims of misconduct, such as allowing junket operator Suncity to operate its own cage at the Star Sydney casino, and misleading representations about risk mitigation policies.
In addition, Star now faces a securities class action lawsuit alleging “misleading or deceptive representations” about its compliance with regulatory obligations, brought forward by Slater & Gordon on behalf of investors seeking compensation.
