Change remains a constant at Donaco. Ben Reichel decided to step down as a member of the board just hours before the annual general meeting for Donaco. This ends the seven-year term which Reichel has served on the board of the gambling company giant.
Reichel announced that he would not be looking for re-election prior to the annual meeting, which was held in Sydney, Australia on November 29. Reichel has also been working as the General Counsel and Company Secretary of Donaco, and reports say that he will stay in those positions at least temporarily.
As informed by Calvinayre.com, non-Executive Director Kurkye Wong, in a statement explained, “As the Company’s largest shareholder, we consider that Ben Reichel has done an excellent job in protecting the interests of Donaco and its shareholders over the past seven years.” He added, “We supported Ben’s re-election to the Board … however, we understand and respect his decision to step down from the Board at the conclusion of [Friday’s] meeting.”
Wong explained that they have asked him to remain as an executive with the company during a transition period, as part of the statement. The director explained that “his valuable skills and experience” would be priceless during the transition period.
The move is a startling one, as Wong explained that a proxy vote which was cast on behalf of investors disclosed that they were “strongly in his favor” of him staying on the board. Reichel’s leaving from the board of Donaco took effect immediately.
His exit comes at a most interesting time for Donaco. In October, the company reported that they would be changing their name to Pan Asian Leisure, an act which the company described as “a new beginning for the company.”
Since the start of 2019, they have selected a new CEO and have been involved in an extended legal battle with vendors at their flagship Star Vegas Casino in Cambodia. Earlier this month that battle was eventually resolved when the vendors attempt to seize assets from the casino was rejected by an appeals court in the Cambodian capital.
The company is showing strong growth despite the high-profile entanglements. Donaco Chief Executive Paul Arbuckle recently explained in a statement that, “We had another strong month in October.” That comprised a four-month total for earnings before interest, taxation, depreciation, and amortization of $4.2 million, which he defined as “well ahead” of the total revenue for the same period in 2018.