Monday, June 25, 2007

Sky City CEO resigns

Sky City Entertainment Group Limited (NS) SKC 25 Jun, 2007, 09:40 OFFICE SKYCITY Managing Director to Stand Down

Full Text of Announcement

The Board of Directors of SKYCITY Entertainment Group Limited announced today that Evan Davies will stand down as Managing Director and a director of the company effective immediately.

SKYCITY Entertainment Group Chairman Rod McGeoch recognised the leadership of Evan Davies over the last eleven years.

"Evan Davies' vision for SKYCITY has played a pivotal role in the development of this business. It has seen the company grow from a single site in Auckland to a truly diversified trans-Tasman entertainment company. This has allowed us to maximise SKYCITY's scale, assets and brand. He has delivered market leadership, market reach and market brand which provide a sound base for future growth," said Mr McGeoch.

Mr Davies said "In the last eleven years SKYCITY has grown to a business with a market capitalisation of around $2 billion. Without doubt the last 12-18 months have been challenging. However, in my view the initiatives announced to the market on May 22 will ensure SKYCITY is positioned for long term sustainable growth to deliver shareholder value".

Mr McGeoch said a search for the new Managing Director would begin immediately and candidates would be sought from New Zealand, Australia and globally.

"In the interim, director Elmar Toime will step into the role of Executive Director." Formerly Chief Executive Officer of New Zealand Post, and credited with leading New Zealand Post through its transformation into one of the top rated postal services internationally, Elmar will be based in Auckland to undertake the interim Executive Director position.

"Elmar's extensive international experience at both management and board level will provide the company with sound guidance while the global search is undertaken."

Mr McGeoch said the board and management of the company remain committed to delivering on the restructuring and operational initiatives designed to increase revenues, reduce costs and maximise margins to improve underlying business growth, particularly in Auckland.

An update on the search and on developments in the business will be given at the annual result announcement on August 20th.

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