Donaco International Limited’s Managing Director and CEO, Joey Lim, has temporarily stepped down from his leadership role in order to deal with health and personal matters.
The Australian-listed company announced on Thursday that Lim has requested a leave of absence for three months, with his position to be filled in the interim by his brother, Ben Lim. Donaco will also commence an international search to recruit a professional Chief Operating Officer and Deputy CEO “to enhance and strengthen the current management team at both of the company’s casino properties” – Star Vegas in Cambodia and Aristo in Vietnam.
Ben Lim is currently a director of Donaco Singapore Pte Ltd and is a major shareholder of Genting’s property development arm, Genting Development Sdn Bhd. He also holds a 17.4% stake in Donaco International with his brother.
“The Board is very pleased that Ben Lim has agreed to step up as a senior executive and lead the company through this period of transition,” said Chairman Stuart McGregor. “We also congratulate Joey Lim on recognising his need to focus on his personal wellbeing and health, and wish him all the best for a speedy recovery.”
The company said that Joey Lim will continue to perform a reduced role during his absence, focussing on key strategic issues for the company. He will subsequently take a US$8,450 per month paycut which will be paid to Ben Lim instead.