The Star Entertainment Group (ASX:SGR) has said John O’Neill will assume the role of interim executive chairman until a new managing director and CEO is appointed.
This follows the resignation of Star’s former CEO Matt Bekier this week. Star said executive search firm Spencer Stuart has commenced the search for a new managing director and CEO.
Mr O’Neill will be paid additional remuneration of $1.5 million per annum, or $125,000 per month, while he performs the executive chairman role, bringing his total remuneration to $2 million per annum.
Star said that while the board considers it critical that the company has stability in this transitional period to a new managing director and CEO, it acknowledges the need for accelerated board change.
A review of The Star Sydney is ongoing, and the company said it continues to cooperate fully.
Shares in The Star Entertainment (ASX:SGR) are trading 0.2 per cent lower at $3.24.