Star shares rise after board ousts chair
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More news: Star Entertainment shares rose as it announced that it has replaced chair David Foster with director Anne Ward.
Shares were up 2.56% to $0.40 by 12:53pm AEST.
What they said: Ward today fronted the NSW Independent Casino Commission inquiry into the Star's suitability and said the board met over the weekend without Foster and resolved to change the chair.
"The board met without Mr Foster and I left the room and the election occurred for the appointment of me as chairman," Ward said.
"Members of the board had come to the conclusion that new leadership was required and that was a decision of the board".
When asked when Foster would stop executive and board responsibilities, Ward said it would be "a period to enable the board to appoint a new group CEO. I would expect that to be perhaps six to eight weeks. I couldn’t be sure".
Star Entertainment appoints new chair
The news: Star Entertainment has appointed non-executive director Anne Ward as its new chair, effective immediately, with current chair David Foster to remain temporarily on the board as a director.
The context: The Star said Foster, who fronted the second inquiry into the casino operator by the NSW Independent Casino Commission last week, will remain as a director of relevant subsidiary company boards "until they can be reconstituted by individuals holding necessary regulatory approvals".
Ward has been a director at the Star since 2022. She also chairs the boards of ASX-listed ecommerce group Articore, formerly Redbubble, and communication software provider Symbio. She was previously chair of Colonial First State Investments, Qantas Superannuation and Zoos Victoria, and a director of Crown Resorts, MYOB Group and Flexigroup.
Prior to becoming a professional director, Ward was a commercial lawyer for 28 years and was general counsel for Australia at the National Australia Bank and a partner at Minter Ellison in Melbourne.
The Star also said that a search for a permanent group CEO to replace former boss Robbie Cooke, who announced his departure in March, is under way.
The source: ASX announcement
