The Star Entertainment Group in Australia has declared the selection of Hamish Macdonald as their new Group Corporate Secretary.
Macdonald possesses extensive knowledge in legal, regulatory, and governance matters. The selection is contingent upon obtaining all essential regulatory authorizations.
Macdonald previously held a position at the New Zealand Stock Exchange (NZX). He recently served as General Counsel and Corporate Secretary of NSX and also held the position of Chair of the NZX Corporate Governance Institute.
Before this, Macdonald held legal positions in New Zealand, Australia, and the United Kingdom.
Jennie Yuen will remain responsible for communication with the Australian Securities Exchange until Macdonald’s appointment is officially confirmed.
Furthermore, Naval Silfarani, who was appointed Corporate Secretary in September 2022, will assume a new strategic governance position within the group.
“We extend our welcome to Mr. Macdonald and express our gratitude to Ms. Silfarani and Ms. Yuen for their ongoing contributions,” stated the Star Entertainment Group.
Earlier this year, the Star Entertainment Group appointed David Foster as their new Chairman, following a series of significant personnel changes. Foster succeeded Ben Heap in March, who resigned after holding the position for less than a year.
The position of chairman was assumed by Ship in June of 2022, having previously held the temporary position. This followed the departure of Matt Bekier from his roles as managing director and chief executive officer.
In December, Star Entertainment declared that Ship would be relinquishing his position after facing legal action from the Australian Securities and Investments Commission (ASIC), joining a group of current and former directors and executives. This announcement came after the company revealed a substantial annual loss of A$2.4 billion.
The company attributed the loss to the cost of impairments on its casinos in Sydney, Gold Coast, and Brisbane. Star Entertainment also reported A$2.8 billion in annual spending on significant projects for the fiscal year ending June 30, 2023.
The company has faced a series of financial penalties in recent years, including a non-cash impairment of A$2.2 billion on its properties in Sydney, Gold Coast, and Brisbane, as well as A$595 million in regulatory and legal expenses, A$54 million in debt restructuring costs, and A$16 million in redundancy costs.
