Casino operator NagaCorp Ltd has appointed three more co-appointed CEOs. The three are the sons of founder Chen Lip-kyung, who will be re-designated as "CEO" starting Tuesday (April 5).
The three sons to take on the CEO role are 41-year-old Chun Fonn managing director, who will become CEO, Chen Cherch, 34, managing director of finance, who will become CFO, and 42-year-old Chen Huann hotel.
In addition, Anthony Chung King Man, director of capital investment and corporate finance, will become chief financial officer (CFO) at Naga Corp.
Sean Czoon has been redesigned from group CFO to founder's office CFO.
Chen is "strongly and firmly in hand to lead and manage the group," according to a filing with the Hong Kong Stock Exchange on Thursday. Nagakov holds exclusive rights to a long-lived casino in Cambodia's capital Phnom Penh region through the Nagaworld complex (pictured).
The filing added that it was "timed" to "bring new life into group management." The founder is 74, according to a release on Tuesday.
The management update came after "more than 25 years of steady growth" as a founder, and the group "achieved laudable financial results" and "consistent, uninterrupted high dividend payments after years of careful exploration of the business and skilled and strategic management," the filing said.
Nagakov reported earnings before interest, taxation, depreciation and amortization (EBITDA) of US$60.5 million in the first three months of 2022. The figure was up 83.3% quarter-on-quarter following the suspension of general tourism and brick and mortar casino businesses in the Cambodian market related to the COVID-19 pandemic.
Last month, the group said it was suspending the development of casinos in Russia's Far East.
A filing on Tuesday said the founder had a three-year tenure agreement with the company, with his board of directors to be rotated out and reappointed at the regular general meeting at least once every three years.
The founder "will provide direction and strategy as well as oversee the group's day-to-day operations," the release said.
"Four of them [CEOs] need to lead and manage the group as a team, leading the group to the next level of success," it added.
Tim McNally retains his position as group president. Philip Lee Wai Tuck retains his position as executive chairman, while Mike Ngai Wai Yip retains his position as chief operating officer.
Chen Yern, managing director of the "CEO Cabinet" and the founder's fourth son, will continue to lead the group's environmental, social and governance activities.
BY: 바카라사이트