In another management reshuffle, Australian gaming operator The Star Entertainment Group Limited announced that its Chief Risk Officer Scott Saunders has tendered his resignation, about one and a half years since his appointment.
Saunders was originally appointed in February 2023, as the The Star was subject to state investigations as well as Australia’s financial crimes watchdog, AUSTRAC, being leveled with millions of dollars in fines, and facing numerous class action lawsuits over alleged misrepresentations of its anti-money laundering compliance efforts to stakeholders.
The group stated at the time that Saunders would ‘play an integral role in returning The Star to suitability and earning back the trust and confidence of our regulators and other stakeholders’.
“I want to thank Scott for his dedication and commitment to The Star during a difficult and transformative period and wish him well in his future endeavors”, Neale O’Connell, The Star’s Acting Group Chief Executive Officer said in the dispatch.
Saunders had previously served as General Manager, Financial Crime, and Chief Compliance Officer at the Australian banking group Westpac.
In its recent statement, The Star informed that Saunders will continue in his role for the next six months, until his expected departure date of January 31st, 2025.
‘During this transition period, he will remain focused on The Star’s ongoing remediation program and help facilitate an orderly handover to his successor’, the group added.
Additionally, Saunders will step down from his positions as a director on the boards of all relevant subsidiary companies, effective from the same departure date.
As for a replacement, The Star only noted it will commence the search for a new Group Chief Risk Officer ‘in the near future’.
The company has seen a raft of executive changes recently, having announced the appointment of a new group CEO and Managing Director last month, with the group’s Chairman – David Foster – resigning, following the resignations of CEO Robbie Cooke and CFO Christina Katsibouba in the first quarter.
The group has also been the target of speculation regarding a potential takeover, and of an Australian Stock Exchange (ASX) price query after a sudden share price hike.
