Star Entertainment Announces CFO Katsibouba Departure Amidst Executive Changes

Star Entertainment has announced that their CFO, Katsibouba, is leaving the company as part of a series of changes to its leadership team.

Star Entertainment has announced that their Chief Financial Officer, Christina Katsibouba, is resigning. Following her exit, the company has made several changes to its leadership team.

• Robbie Cooke steps down as CEO effective immediately, becomes a consultant for six months.
• Chairman David Foster to assume additional duties as executive chair.
• Star faces a second inquiry from the New South Wales Independent Casino Commission (NICC).
• Neale O’Connell steps in as interim CFO.

The Leadership Reshuffle

Robbie Cooke became CEO in November 2022 after holding top positions at Tyro Payments and Tatts Group but has now quit. His resignation is happening while the company deals with regulatory issues and is trying to rebuild its reputation with the New South Wales Independent Casino Commission.

After Cooke stepped down, David Foster, the Chairman, will take over temporarily as the company looks for a new CEO. The board thinks this is the right move for the company as it faces its current problems.

Understanding the Rules and Moving Ahead

The NICC is looking into Star Entertainment again, with Adam Bell SC in charge. In September 2022, Star lost its casino license in New South Wales because it didn't do enough to stop money laundering and failed at being a responsible business. CEO Cooke said he would leave because staying wouldn't help the company get its license back.

Foster is dedicated to promoting safe gambling practices and driving positive change in the company. As the executive chair, his goal is to rebuild the company's credibility and provide a stable work environment for the employees during the company's changes.

Christina Katsibouba has left her position and we are introducing an interim CFO.

Christina Katsibouba is leaving her job as the Chief Financial Officer at Star, which she has held since May 2022. She started working at Star in April 2015 and has had several high-ranking finance jobs there. After working with Star for nine years, she is now looking for new job opportunities elsewhere.

Neale O'Connell is stepping in as the acting CFO. He has a lot of experience in the gaming and leisure sectors, including a stint as CFO at Tatts Group. O'Connell has also been the global CFO for Corporate Travel Management and held finance jobs at Delta Group Australia and Smorgan Steel. These positions have given him the skills he needs to manage the financial side of Star during these challenging times.

Star's Financial Rebound

Star reported a profit of $9.1 million for the first half of the 2024 fiscal year, despite facing issues with leadership and compliance. This profit marks a significant recovery from their $1.26 billion loss the year before. This occurred even though the company's overall revenue fell by 14.6%.

Looking Ahead

Star Entertainment, led by Foster and with a temporary CFO, is working hard to improve its management and follow regulations so it can once again run its casino businesses in New South Wales and Queensland.

The company is making leadership changes and is taking a new direction to be more responsible and follow industry rules better in the world of gaming. Foster and the new CEO, who will be chosen soon, will get all the help they need from Cooke and the Star team to reach these goals.

For more details on the specific regulations and compliance guidelines, you can visit the New South Wales Independent Casino Commission's official website here.

Star Entertainment will keep its stakeholders informed about the company's changes and updates as it responds to new developments in the gaming industry.