Christina Katsibouba has been named the Chief Financial Officer (CFO) of The Star Entertainment Group, assuming the position permanently after serving as interim CFO since May of the previous year. This appointment comes at a critical time for The Star, as the operator faced significant challenges and regulatory scrutiny over the past year. Katsibouba brings extensive experience in the gaming, retail, and finance sectors, positioning her well to contribute to The Star’s efforts in rebuilding trust and regaining suitability.
Christina Katsibouba’s Background:
Katsibouba joined The Star in April 2015 as the General Manager of Finance Transformation. Over the years, she progressed within the organization, assuming roles such as Group Financial Controller, Deputy CFO, and Group Executive for Gaming. Her comprehensive finance experience spans more than 25 years and includes notable positions at Salmat, Apparel Group, and PricewaterhouseCoopers. Katsibouba’s deep knowledge of the gaming industry, coupled with her financial expertise, makes her an ideal candidate for the CFO role at The Star.
The Star’s Turbulent Year:
The appointment of Christina Katsibouba follows a challenging period for The Star, marked by license suspensions and substantial fines. The operator faced regulatory action in Queensland, resulting in the suspension of its license and a fine of AU$100.0 million. These penalties were imposed due to a series of failings and institutional deficiencies uncovered during a review initiated in June 2022. The review mirrored similar findings from a separate investigation into The Star’s activities in New South Wales, which also deemed the operator unsuitable to hold a license.
Changes in Leadership and ASIC Proceedings:
In addition to the regulatory setbacks, The Star experienced leadership changes and legal proceedings initiated by the Australian Securities and Investments Commission (ASIC). Ben Heap, who served as the chair of The Star, announced his resignation following the ASIC’s decision to pursue civil proceedings against several current and former directors and executives, including Heap himself. These proceedings stem from alleged violations of section 180(1) of the Corporations Act 2001 (Cth), which pertains to the duty of company officeholders to exercise care and diligence.
The Future for The Star and Christina Katsibouba’s Role:
Despite the challenges faced by The Star, the appointment of Christina Katsibouba as CFO signals the company’s commitment to rebuilding its operations and reputation. Katsibouba’s extensive experience in the gaming industry and finance sector positions her as a key contributor to The Star’s efforts in regaining trust and suitability. Working closely with Managing Director and CEO Robbie Cooke, Katsibouba will play a pivotal role in reshaping the company’s financial strategy and operations, ensuring compliance with regulations, and fostering transparency.
As Christina Katsibouba takes on the role of CFO at The Star, the operator aims to navigate the aftermath of a challenging year marked by regulatory penalties, leadership changes, and legal proceedings. Katsibouba’s wealth of experience and expertise in the gaming and finance sectors will be crucial in steering The Star toward its goals of regaining suitability and rebuilding trust. The appointment sets the stage for the company’s recovery and reinforces its commitment to ensuring sound financial practices and strong corporate governance moving forward.