Star Entertainment appoints Frank Krile as group CFO
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The news: Troubled casino operator Star Entertainment Group has named former Lendlease executive Frank Krile as the group’s chief financial officer.
The numbers: The company said Krile’s appointment, which is subject to regulatory approvals, will be with immediate effect. However, interim CFO Neale O’Connell will continue in the role till 28 March to provide an orderly transition.
Star shares, which have lost more than 60% of its value over the past 12 months, were trading 1.2% lower at 20 cents each.
The context: Krile’s appointment comes at a precarious time for the casino operator’s finances following hefty penalties and suspension of its licence to independently operate the flagship Sydney casino due to compliance breaches.
In October, the company reported a slide in first-quarter earnings, and said the it remains in an extremely challenging position.
Krile has previously served in senior positions across Lendlease including as group chief risk officer and group deputy CFO. Star’s new CEO Steve McCann is a former CEO of Lendlease.
The source: ASX announcement
