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The Star Entertainment Group Ltd (ASX:SGR) The stock price snowballed today following a sudden change in its management team.
While most of the ASX market is down, Star Entertainment’s stock price is one of many companies leading the drop.
At the time of writing, shares of the casino and resort operator are down 4.44% at $2.58.
For context, the S&P/ASX 200 Index (ASX:XJO) sinks 1.94% to 6,447 points.
What did Star Entertainment announce?
Star Entertainment’s stock price is down following the announcement of the shock resignation of its interim CEO, Geoff Hogg.
According to its statement, Star Entertainment said the board of directors had accepted Hogg’s resignation. The final departure date remains to be confirmed.
In the meantime, Hogg will work with board members to ensure a smooth transition of executive responsibilities.
Effective immediately, Ben Heap will assume the role of Executive Chairman until Robbie Cooke takes over as permanent Managing Director and CEO.
While no reason was given for Hogg’s surprise departure, the company said it would provide a “further announcement once Cooke’s startup is finalized.”
Star Entertainment Stock Price Overview
In addition to today’s losses, Star Entertainment shares have fallen more than 40% in the past 12 months.
Shares of the company hit a 52-week low of 2.48 cents in June, before moving into a sideways channel.
Based on today’s price, Star Entertainment has a market capitalization of $2.57 billion.