2 ASX consumer stocks that updated on leadership change- SGR, FLT

Key Takeaways:

• Mr Matt Bekier, the Managing Director and CEO of The Star Entertainment Group, has resigned.
• FLT has made changes to its global leadership structure.

Two consumer stocks, The Star Entertainment Group and Flight Centre Travel are in discussion post these companies announced updates related to leadership change.

The Star Entertainment Group’s Managing Director and Chief Executive Officer, Mr Bekier, resigned from his position, while Flight Centre made structural changes in its senior leadership.

In this article, we will look at the reason for these changes.

The Star Entertainment Group Limited (ASX: SGR)

On 28 March 2022, The Star Entertainment Group Limited announced that Mr Matt Bekier resigned as MD and CEO. Mr Bekier’s decision follows issues raised in the public hearings regarding the evaluation of The Star Sydney being undertaken by Mr Adam Bell SC. Currently, the review is in progress. It is a regular review of The Star Sydney as per the Casino Control Act 1992.

While the review is underway, Mr Bekier informed the Board that as MD and CEO of the Company, he is responsible for the efficiency and adequacy of the SGR’s practices, policies, people as well as culture.

Now, Mr Bekier would step down from the Board and will work with the Board to switch his executive tasks systematically. As of now, the final departure date of  Mr Bekier is not clear. However, the Company confirmed that it would update once these arrangements have been finalised.

Flight Centre Travel Group (ASX: FLT)

On 28 March 2022, FLIGHT Centre Travel Group announced that it made changes to its global leadership structure to proactively aim for new opportunities across its three core business units.

Flight Centre Travel Group is amongst the largest travel retailers and corporate travel managers in the world.

The modification will see FLT’s leisure and supply CEO, Melanie Waters-Ryan, concentrate only on her increasingly key part as supply CEO as the post-pandemic travel rebound gains momentum. She would also be responsible for:

• Supplier (air, land, and seas) relations and commercial arrangements.
• On-time product procurement and delivery when customary travel distribution models are being interrupted.
• Wholesale business of FLT.

She would also be taking care of continuing progress & integration of the TP Connects business, an important component in the Company’s global supply chain plan.

James Kavanagh, FLT’s current Australia and New Zealand managing director, will be the Company’s global leisure CEO, and Chris Galanty will continue as global corporate Chief Executive Officer.

All three executives, Mr Kavanagh, Ms Waters-Ryan, and Mr Galanty, would report to Graham Turner, who is the Company’s global CEO and managing director.

Stock Information (AEDT 2:07 PM):

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