With the approval of David Foster to join the board at the troubled Star Entertainment Group in Australia, one of the under-pressure directors, Katie Lahey, will stand down on December 30.
Eleven directors of the group – both current and former – have been cited by the Australian Securities and Investments Commission for reported breaches in their responsibilities under the country’s Corporations Act.
Lahey is one of only two still holding their directorships with the company. The other is chairman Ben Heap and the intention has been for both to step down once replacement directors had been approved.
Star is in the midst of a detailed rehabilitation as it brings in new internal workings to satisfy the authorities that it will not tolerate connections with organised crime and recognition of processes to prevent money-laundering.
Lahey is replaced by David Foster, a 25-year veteran of the financial services industry. He was previously with Suncorp Bank and has directorships with several other banks and financial services businesses currently.