Australia’s Star Entertainment Group has announced the appointment of David Foster, currently a non-executive director of the company, as its new Chairman.
Foster, who joined Star’s Board of Directors in December as part of a corporate overhaul in the wake of recent regulatory inquiries, will replace interim Chairman Ben Heap, effective 31 December. Heap had stepped into the role in May 2022 following the departure of former Chairman John O’Neill.
“Ben has played a pivotal role over what has been a challenging period for The Star,” Foster said in a Wednesday morning ASX filing.
“He provided leadership and stability at a critical time, which included overseeing the appointment of our new CEO, renewal of the Board and a re-set of the balance sheet.
“These were important and fundamental steps that have now been completed as the Company rebuilds towards an exciting new era. I am delighted to assume the role of Chairman as we continue with an unwavering focus on earning back the trust of the community.”
Foster’s background is in the financial services sector, where he spent 25 years including five years as CEO of Suncorp Bank where he had responsibility for navigating the bank through the global financial crisis,” Star said. He retired as from his role at Suncorp in late 2013.
Foster has also served on boards across a diverse range of industries including financial services, retail, government, education and professional services.
His appointment as Chairman comes at a critical time for Star, which is was found unsuitable to hold casino licenses in NSW and Queensland but given time to return to suitability under the watch of a special manager.
The company operates The Star Sydney, The Star Gold Coast and Treasury Brisbane – the latter of which will be swallowed up by the company’s AU$3.6 billion Queen’s Wharf Brisbane development, due to open in late 2023.