Silver Heritage Group Chairman James Spenceley has tendered his resignation less than 18 months after first taking on the role.
The Southeast Asian casino operator announced on Thursday that both Spenceley and non-executive director Michael Bassett were stepping down in order to focus on their other business interests. The company will now look to appoint at least one new director in order to comply with its ASX obligations.
Spenceley, who recently purchased a stake in Donaco International Ltd and was instrumental in removing its founder Joey Lim from the board, was appointed Silver Heritage Chairman in May 2018. He is best known as a power player in the Australian business community, having founded Australia’s fourth largest telecommunications company Vocus Communications in 2007 and turned an initial AU$1 million investment into a AU$5 billion business with annual revenue of AU$1.8 billion.
He is also the current Chairman of online job sharing platform Airtasker, co-founder of Australian capital investment fund MHOR Asset Management and a two-time winner of the EY Entrepreneur of the Year award.
His resignation comes as Silver Heritage continues its search for a buyer of its Nepal assets, which includes Tiger Palace Resort Bhairahawa near the Nepal-India border. The company also operates the Millionaire’s Club and Casino in Kathmandu.