Star Entertainment shares fall as acting CEO resigns

This Star Entertainment Group Limited (ASX: SGR) shares are snowballing today after a sudden change in its leadership team.

While most ASX markets were lower, the Star Entertainment share price was one of many leading the decline.

Shares of the casino and resort operator were down 4.44% at $2.58 at the time of writing.

For context, S&P/ASX 200 Index (ASX: XJO) shed 1.94% to 6,447 points.

What did Star Entertainment announce?

Star Entertainment Announces Shares Fall shock resignation Its acting chief executive Jeff Hogg.

According to its release, Star Entertainment informed the board that it had accepted Hogg’s resignation. The final departure date has not yet been determined.

At the same time, Hogg will work with board members to ensure a smooth transition of executive responsibilities.

Ben Heap will serve as Executive Chairman with immediate effect until Robbie Cooke takes over as permanent managing director and CEO.

While no reason was given for Hogg’s sudden departure, the company said it will provide “further announcements once Cook’s starting work is complete.”

Star Entertainment stock price snapshot

Combined with today’s loss, Star Entertainment’s stock has fallen more than 40% over the past 12 months.

The company’s shares traded sideways after hitting a 52-week low of $2.48 in June.

At today’s prices, Star Entertainment has one market value $2.57 billion.