SkyCity changes surprising

25 Jun 2007

NEW ZEALAND -- As reported by the New Zealand Stuff: "Extraordinary. There is no other word to describe the timing of Evan Davies' departure as SkyCity Entertainment Group managing director.

"It comes barely a month after Mr Davies had announced major changes to the casino operator's strategy, including rationalisation of 230 jobs, sale of non-core assets and the abandonment of the acquisition-led approach the company had previously pursued.

"This plan, while attracting a fair degree of negative publicity because of the jobs news, was given a cautious thumbs up by a market looking for action after SkyCity reported a disappointing 23 per cent fall in interim profit.

"...So, what changed? Mr Davies was apparently capable of spearheading an operational overview last month. And now this month, before he has had chance to do anything about it he is out the door.

"...The decision to appoint Elmar Toime, former NZ Post chief executive, as 'executive director' - presumably effectively acting CEO - is also highly surprising..."

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	SkyCity changes surprising 25 Jun 2007 NEW ZEALAND -- As reported by the New Zealand Stuff: "Extraordinary. There is no other word to describe the timing of Evan Davies' departure as SkyCity Entertainment Group managing director. "It comes barely a month after Mr Davies had announced major changes to the casino operator's strategy, including rationalisation of 230 jobs, sale of non-core assets and the abandonment of the acquisition-led approach the company had previously pursued. "This plan, while attracting a fair degree of negative publicity because of the jobs news, was given a cautious thumbs up by a market looking for action after SkyCity reported a disappointing 23 per cent fall in interim profit. "...So, what changed? Mr Davies was apparently capable of spearheading an operational overview last month. And now this month, before he has had chance to do anything about it he is out the door. "...The decision to appoint Elmar Toime, former NZ Post chief executive, as 'executive director' - presumably effectively acting CEO - is also highly surprising..."