Australia’s Star Entertainment Group Limited has confirmed that Katie Lahey will stand down from the Board of Directors as of Friday 30 December 2022 after the company received regulatory approvals for David Foster to join the Board.
Lahey was one of 11 current and former directors and officers of Star named earlier this week in a civil suit launched by the Australian Securities and Investments Commission (ASIC) for alleged breaches of their duties under the Corporations Act, and one of the two persons still currently working with the company.
Star – which was also slapped with an AU$100 million fine by the Queensland government last week for its operational failures – said at the time that Lahey and chairman Ben Heap planned to step down once additional directors are appointed, claiming it was vital for the Board to maintain a sufficient number of directors while the company carries out its reform efforts.
“Katie has made a significant contribution as a Director of The Star for the past nine years, including as Chair of the People, Remuneration and Social Responsibility Committee. The Board thanks Katie for her dedication to the role and wishes her well in her future endeavours,” said Heap in a Thursday filing.
“We also welcome David to the Board. He brings a breadth of experience, and highly relevant expertise, that will be instrumental as The Star seeks to return to suitability in Queensland and NSW.”
Foster brings more than 25 years experience in the financial services sector to Star, including over five years as CEO of Suncorp Bank where he had responsibility for navigating the Bank through the global financial crisis and delivering a significant turnaround and restructuring of the Bank. He stood down as CEO at the end of 2013.
He currently holds several ASX-listed company directorships, including Bendigo and Adelaide Bank Ltd, an ASX 100 financial services company, and as Chairman of G8 Education Ltd, the largest ASX- listed childcare and early education operator. Mr Foster is also a Council member of the University of the Sunshine Coast, Star said.
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