Casino operator NagaCorp Ltd has appointed three additional people designated simultaneously in a chief executive role. The three are sons of the founder Chen Lip Keong, who is being redesignated as “senior chief executive” with effect from Tuesday (April 5) .
The three sons to be designated with a CEO role are: Chen Yiy Fon, aged 41, an executive director, who becomes CEO operations; Chen Cherchi, aged 34, managing director of finance, who becomes CEO finance and treasury; and Chen Yiy Hwuan, aged 42, CEO hotels.
In addition, Anthony Cheung King Man, director of capital investment and corporate finance, becomes NagaCorp’s chief financial officer (CFO).
Sean Czoon is redesignated from group CFO to CFO, founder’s office.
A filing on Thursday to the Hong Kong Stock Exchange said Mr Chen senior was “strongly and firmly in grip to lead and manage the group”. NagaCorp has a long-life casino monopoly in the region of the Cambodian capital, Phnom Penh, via its NagaWorld complex (pictured).
The filing added it was “timely” to have “injection of new vitality into the management of the group”. The founder is aged 74, according to Tuesday’s announcement.
The filing said the management update came after “more than 25 years of steady growth” under the founder, with the group having been “achieving commendable financial results,” and “consistent and uninterrupted high dividend payout, after years of careful navigation of the business and skilful and strategic management”.
NagaCorp posted earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$60.5 million for the first three months of 2022. The figure was up 83.3 percent in comparison with the previous quarter, following Covid-19 pandemic-related disruption to general tourism and bricks and mortar casino business in the Cambodian market.
Last month the group said it was suspending development of a casino in the Russian Far East.
Tuesday’s filing said the founder had made a three-year service agreement with the company, and his directorship would be subject to retirement by rotation and re-election at least once every three years at the annual general meeting.
The announcement said the founder would be “providing directions and strategies as well as overseeing the day-to-day operations of the group”.
It added: “The four of them [CEOs] shall work together as a team to lead and manage the group to bring the group to the next level of success”.
Tim McNally will stay as group chairman. Philip Lee Wai Tuck will remain as executive deputy chairman, and Mike Ngai Wai Yip stays as chief operating officer.
Chen Yepern, managing director in the “CEO cabinet” and a fourth son of the founder, will continue to lead the environmental, social and governance activities of the group.
