Australian casino firm The Star Entertainment Group Ltd has announced the appointment of Soo Kim as board chairman, with Bruce Mathieson Jnr vacating the position and becoming the group’s chief executive.
The appointments were confirmed at a board meeting on Tuesday, the same day that Steve McCann stepped down as CEO and managing director.
Mr Mathieson had been elected Star Entertainment’s executive chair following a board meeting on November 28 that saw a rejig of the directors. Mr Kim, chairman of casino group Bally’s Corp, had also joined Star Entertainment’s board in late November.
Shareholders of Star Entertainment approved in June an AUD300.0-million (US$198.9-million) rescue package, led by United States-based Bally’s, which has become the Australian firm’s largest shareholder.
The move also saw Australian conglomerate Investment Holdings Pty Ltd – controlled by the Mathieson family – and which had been Star Entertainment’s largest shareholder, subscribe for AUD100 million of the aggregate amount of the rescue package.
Star Entertainment runs The Star Sydney (pictured) in New South Wales, and The Star Brisbane in Queensland.
The appointment of Mr Mathieson is “subject to agreement of final documentation,” said Star Entertainment in a Wednesday filing. He will remain on the board as an executive director.
The casino firm also said on Wednesday that Peter Hodgson and Toni Thornton have resigned from the board.
Star Entertainment’s board will now comprise Mr Kim, Mr Mathieson and George Papanier.
The announcement cited Mr Kim as saying that the group was “fortunate” to have Mr Mathieson lead the company as CEO.
“George and I understand what an honour and responsibility it is to join and contribute to the board. We are confident our best days are ahead,” Mr Kim added.
