The new Chairman of Australia’s The Star Entertainment Group says that he did not intend to assume the role, and that the overall board reshuffle had not been the “initial plan”.
Soo Kim, Chairman of Bally’s Corporation, said that he stepped up after the resignation of Steve McCann from his role as CEO prompted Bruce Mathieson Jr to shift down from Chairman to fill the void.
Kim represents Bally’s Corporation, which together with Mathieson-family backed Investment Holdings saved The Star from bankruptcy with a $300 million ($193.5 million) injection.
In statements to the Australian Financial Review, Kim noted that “we feel a sense of urgency and obligation and responsibility to put this on the right track”.
This is likely to be accompanied by significant job losses, with Kim noting that “we are prepared to move the company forward, and that might not be for everybody”.
Bally’s currently holds a 38 percent stake in The Star, with Investment Holdings holding 23 percent.
Speaking of the resignation of McCann and two other board members, Kim noted that “We are here, and may be better for it.” The executive furthered “obviously, we need to recruit good people onto the board and to our management team to help us move forward and execute the plans”.
This means a revamp of how the company operates and possibly a complete restructuring, move away from a centralized operation.
“There are no sacred cows, and even the notion that we have a corporate office has to be examined,” he stated, as quoted by the AFR.
