Macau-based casino operator Galaxy Entertainment Group Ltd has redesignated non-executive director Michael Mecca (pictured in a file photo) as an “independent non-executive director” of the firm. The move has effect from today (March 1), the company said in a filing on Tuesday.
Mr Mecca became a non-executive director of Galaxy Entertainment in May 2018, moving to the board from a previous role as group president with responsibility for international development, a job he had held since 2015. Before that, he was group president and chief operating officer, starting from 2009.
Galaxy Entertainment said in its latest filing that Mr Mecca, aged 74, currently did “not participate in the day-to-day management and operations” of the firm, and had not done so since his 2018 appointment as a non-executive director.
“Considering that Mr Mecca has gone through [a] more than four years’ cooling-off period since his retirement, the board and nomination committee of Galaxy Entertainment confirm that Mr Mecca meets all the independence requirements” set by the Hong Kong Stock Exchange, stated the firm.
Mr Mecca will enter a three-year service contract with Galaxy Entertainment from March 1, 2023. Each member of the firm’s board is entitled to a director’s fee. It stood at HKD390,000 (US$49,700) for 2021, the latest available information.
Last month, Galaxy Entertainment announced Ted Chan Ying Tat was replacing Bob Drake as the firm’s chief financial officer. Mr Drake – who worked alongside Mr Mecca during the latter’s period as an executive of Galaxy Entertainment – will remained linked to the casino operator as a senior advisor.
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