Star has made a significant decision regarding its top leadership, with CEO Robbie Cooke and Chief Financial Officer Christina Katsibouba stepping down from their respective roles. This decision comes as the company faces ongoing regulatory challenges, including a second inquiry by the New South Wales Independent Casino Commission (NICC). In the wake of these departures, Chairman David Foster will embrace additional responsibilities as executive chair during the search for a permanent replacement CEO.
Robbie Cooke’s tenure as CEO of Star began in November 2022, marking him as the fourth person to step into the CEO role within a twelve-month period. His predecessors included Matt Bekier, who resigned amidst The Star’s New South Wales investigation, followed by John O’Neill and Geoff Hogg. Prior to his time with Star, Cooke served as chief executive of Tyro Payments and more notably, as managing director and group CEO of the lottery business the Tatts Group from 2013 to 2018, a role he left after the company’s acquisition by Tabcorp.
Although Cooke will exit his role as CEO with immediate effect, he will remain tied to the operator as a consultant for the next six months, offering his expertise during a period of transition. The backdrop to Cooke’s departure is the additional inquiry launched by the NICC, led by Adam Bell SC, who will assess Star’s implementation of recommendations from the initial Bell report. This inquiry will span 15 weeks with the final report expected by May 31.
Cooke openly stated his belief that his continued presence as CEO would impede the NICC’s ability to deem Star suitable for holding a casino license in New South Wales. His decision is grounded in the company’s interest and its future in navigating the regulatory landscape. While stepping down, Cooke expressed confidence in the progress made by his team in the last 16 months and offers his full support to Foster and the next CEO in steering Star onto a successful path.
The announcement of this leadership reshuffle is complemented by the news of CFO Christina Katsibouba’s forthcoming departure. Like Cooke, Katsibouba became part of the executive team during a challenging regulatory period and has opted to explore interests beyond the company after nine years. Her successor on an interim basis is Neale O’Connell, a seasoned executive with a vast background across gaming and leisure industries, including time spent as CFO of the Tatts Group.
In performing his new executive duties, Foster aims to maintain the positive advancements achieved within Star, focusing particularly on winning back stakeholder trust. Foster emphasizes the company’s commitment to being considered suitable for casino license holding in both New South Wales and Queensland, and recognizes Cooke’s efforts to stabilize the company, address regulatory issues, and ignite a cultural transformation prioritizing responsible and ethical gaming practices.
Amidst these ups and downs, Star has recently reported a return to net profit during the first half of its 2024 financial year after suffering significant losses the previous year. Nonetheless, the operator experienced a 14.6% decrease in group revenue, signaling a challenging landscape ahead for the newly restructured leadership team. With the guidance of Foster and the new interim CFO, O’Connell, Star is poised to navigate these critical changes in an effort to restore its reputation and continue operating within a highly regulated industry.
