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of Star Entertainment Group Limited (ASX: SGR) Shares are snowballing today after a sudden change in management.
With most of the ASX market trending downward, Star Entertainment’s share price is one of many leading the decline.
At the time of writing, the casino and resort operator’s share price is down 4.44% to $2.58.
For context, S&P/ASX 200 Index (ASX: XJO) is down 1.94% to 6,447 points.
What did Star Entertainment announce?
Star Entertainment’s stock price has fallen after announcing the shock resignation of acting CEO Geoff Hogg.
According to a release, Star Entertainment has informed that its board of directors has accepted Hogg’s resignation. A final departure date has not yet been confirmed.
In the meantime, Hogg will work with the members of the Board to ensure a smooth transition of management responsibilities.
Effective immediately, Ben Heap will assume the role of Executive Chair until Robbie Cook becomes Executive Managing Director and CEO.
No reason was given for Hogg’s sudden departure, but the company said it would make further announcements once Cook’s appointment has been confirmed.
Star Entertainment Stock Snapshot
In addition to today’s losses, Star Entertainment’s stock has fallen more than 40% over the past 12 months.
The company’s shares moved into a flat channel after reaching a 52-week low of 2.48 cents in June.
Based on today’s prices, Star Entertainment has a market cap of $2.57 billion.