How The Star’s (ASX:SGR) shares reacted to appointment of new CEO

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How The Star’s (ASX:SGR) shares reacted to appointment of new CEO

 How The Star’s (ASX:SGR) shares reacted to appointment of new CEO
Image source: © Paha_l | Megapixl.com

Highlights

  • The Star Entertainment appointed Robert Cooke as new CEO.

  • Cooke last served as the CEO of Tyro Payments.

  • Earlier today, Cooke announced his resignation from Tyro Payments.

The Star Entertainment Group Ltd (ASX:SGR) on Wednesday announced the appointment of Robert Cooke as the company’s new managing director and chief executive officer (CEO).  Earlier in March 2022, former CEO Matt Bekier had resigned after the company faced allegations of allowing illegal activities at its casinos.

Cooke last served as the CEO of Tyro Payments Ltd (ASX:TYR). He announced his resignation from his position Wednesday morning. Robert (Robbie) Cooke has an extensive experience with different ASX-listed firms. He also served at Wotif.com and has also been the CEO of lotteries, wagering and gaming operations at Tatts Group.

What did Robert Cooke say on his appointment?

Commenting on his appointment, Cooke said: “I am delighted to have the opportunity to re-join the gaming and hospitality industry, which is a passion of mine and where I have spent the majority of my career.”

Resignation as Tyro’s CEO

Earlier today, Cooke announced his resignation as the managing director and CEO of Tyro Payments after serving the company for nearly five years. Meanwhile, Tyro has also begun the search for a suitable successor to Cooke.

RELATED ARTICLE: The Star Group (ASX:SGR) CEO Bekier resigns amid ongoing probe

The Star Entertainment Group share price’s snapshot

Following this update, shares of The Star Entertainment Group were trading at AU$2,73, up 0.74% at 10:23 AM (AEST). The share price has fallen nearly 28% on a year-to-date (YTD) basis.

In the past one year, the shares are down nearly 25%. The stock is down over 10% in the past month. The stock’s 52-week high and low are AU$4.66 and AU$2.48, respectively.

The Star Entertainment Group’s earnings for 1HFY22

In its financial results for the period ending 31 December 2021, the ASX-listed firm reported a net loss of AU$74 million compared to a profit of AU$64.2 in the prior corresponding period (pcp). The company’s normalised earnings before interest, tax, depreciation and amortisation (EBITDA) for the given period stood at AU$29 million.

RELATED ARTICLE: Star Entertainment (ASX:SGR) forecasts net loss of A$73-75M

The company’s earnings were negatively impacted due to COVID-19-induced shutdowns and border closures. However, The Star Entertainment Group’s on-gaming revenue rose 10% during the period under review.

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