Amid ongoing legal battles, prospective asset sell-offs and other controversies, Australian operator Star Entertainment has announced that David Foster will take over as the company’s new chairman, effective December 31.
Foster, who currently serves as a non-executive director for the company, will replace current Chairman Ben Heap, who was thrust into the role following the unceremonious departure of John O’Neill in May 2022.
In a statement filed to the Australian Securities Exchange (ASX) March 22, Foster said that Heap “played a pivotal role over what has been a challenging period” for the company.
Foster added that the interim chairman “provided leadership and stability at a critical time, which included overseeing the appointment of our new CEO, renewal of the Board and a re-set of the balance sheet.”
As far as the future is concerned, Foster said that Star will move forward “with an unwavering focus on earning back the trust of the community.”
Given Star’s litany of financial mishaps in recent years, it should come as no surprise that Foster, who has over two decades of executive-level financial experience, is the man pegged to bring the operator back to suitability.
The banking veteran spent five years as CEO of Suncorp Bank (2008-2013) during the heart of the global financial crisis. He has also served on the boards of companies across several sectors, including retail, finance, education and more.
The embattled operator is currently working to regain full control of its casino licenses in both New South Wales and Queensland, after being found unsuitable for licensure in both states.
Star was found to have committed a number of anti-money laundering and counter-terrorism funding violations, which has resulted in wide-ranging consequences. A number of former executives and board members are currently facing litigation in the country’s Federal Court, and the company has amassed over AU$100 million in fines.
