Australia-listed casino operator Silver Heritage Group Ltd announced on Monday the appointment of James Spenceley (pictured) as non-executive chairman and director with immediate effect. Mr Spenceley will replace David Green, who resigned earlier this month.
Mr Spenceley will also chair the People and Culture Committee at Silver Heritage, the firm said in a filing to the Australian Securities Exchange.
Silver Heritage’s new chairman is described in Monday’s filing as an “award-winning entrepreneur and experienced company director”. He is the founder and former chief executive of Vocus Communication Ltd, Australia’s fourth largest telecommunications company.
Mr Spenceley is also chairman of online job-sharing platform Airtasker and was a recent co-founder of MHOR Asset Management, an Australian small-capital investment fund, according to Silver Heritage’s filing.
Silver Heritage operates the Tiger Palace Resort Bhairahawa, a new Nepal property near the country’s border with the Indian state of Uttar Pradesh. The boutique casino operator also runs the Millionaire’s Club and Casino in Kathmandu, Nepal’s capital, and the Phoenix International Club, near Hanoi, in Vietnam.
The casino operator announced on May 22 the departure of Richard Barker, one of the firm’s independent non-executive directors.
In Monday’s filing, Silver Heritage said that its current three non-executive directors “have agreed to waive half of their fees until the end of 2018, at which point this arrangement will be reassessed taking into account trading conditions for the company at that point in time”.
“These waivers, in addition to the reduction from four independent non-executive directors to three, mean the aggregate annualised savings for the company is AUD375,000 [US$283,072],” added the casino firm.
