Star Entertainment stock price dips after acting CEO resigns

A man says goodbye as he leaves the office.

Image Source: Getty Images

Star Entertainment Group Limited (ASX:SGR) The stock price is snowballing today after a sudden change in its leadership team.

While most of the ASX market is trending down, the Star Entertainment share price is one of several companies leading the decline.

At the time of writing, the casino and resort operator’s shares are down 4.44% at $2.58.

for reference, S&P/ASX 200 Index (ASX:XJO) is down 1.94% at 6,447 points.

What did Star Entertainment announce?

The stock price of Star Entertainment has been falling following the shock announcement of the resignation of its acting CEO Geoff Hogg.

According to its release, Star Entertainment advised that the board has accepted Hogg’s resignation. The final departure date is yet to be confirmed.

In the meantime, Hogg will work with board members to ensure a smooth transfer of executive responsibilities.

Effective immediately, Ben Heap will assume the role of Executive Chairman until Robbie Cook takes over as Permanent Managing Director and CEO.

Although no reason was given for Hogg’s sudden departure, the company said it would provide “another announcement once Cook’s debut is finalized.”

Star Entertainment Share Price Snapshot

Adding to today’s losses, Star Entertainment shares have fallen over 40% in the past 12 months.

Before moving into the sideways channel, the company’s shares hit a 52-week low of $2.48 percent in June.

Star Entertainment has a market capitalization of $2.57 billion at today’s prices.

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