2019 was a rocky year for Donaco International Limited leadership, as some of its top executives and board members left office. First to exit was General Counsel Ben Reichel, who announced he would be leaving the board at the beginning of December.
Days later, David Green and Yugo Kinoshita, also board members, announced that they were leaving. CEO Paul Arbuckle was the next one to make a clean exit, reasons untold. However, the New Year seems to have brought with it new possibilities for the Australia-listed casino company. According to a report by CalvinAyre.com, the gaming operator announced its new leaders.
Mel Ashton and Simon Vertullo were appointed to the board as nonexecutive members. On the other hand, Leo Chan and Kurkye Wong, previously nonexecutive board members were promoted to executive members. Chan and Wong have quite an interesting history with Donaco.
Last year around the month of July, the two were part of a company, Argyle Street Management Limited, which purchased 19.25% of Donaco’s shares. At first, Donaco felt the stake was just enough for one spot on the board. However, after the deal was closed, the two were added to the board, as nonexecutive members.
Appointment as executive board members comes with its own benefits. From now henceforth, the two will be involved in making any financial, legal or operational decisions affecting the company. On top of that, both Chan and Wong have signed employment contracts with Donaco and each will be receiving a salary of $134,200.
The salary includes their existing fees in their roles as Directors. The contracts can only be terminated by two parties, the Executive Director of the Company. The way this will be achieved is that a six-month notice will have to be given. Well, of cause there are no special cases of considerations, except in an instance of great violation of the company’s laws. The two will be based in Hong Kong, therefore their contracts are under the Hong Kong law.
Chan and Wong seem to have a lot more in common than just being on the board of directors at Donaco. They are both on the ASM board as well and they both have solid backgrounds in finance. Wong is the Vice President at ASM while Chan is an executive director and both have a track record of accommodating and promoting teamwork, hence they are expected to have a smooth work relationship.
Coincidentally, they both have Joey Lim, former Founder, and CEO at Donaco, to thank for where they are today in their careers. Lim failed at his role as CEO and defaulted on paying back a loan by Orchard Capital Partners. Orchard has to step in and take over 27.25% of the shares, which were later sold to ASM.
Though Donaco has had a tough ride, things are beginning to look up for the gaming operator. Figures in 2019 were not so promising, but 2020 seems to have good things in store beginning with the new leadership.