Trading of shares in ASX-listed Donaco International Limited has begun again after the company on Monday announced the appointment of two new independent and resident non-executive directors.
The appointments, which include chartered accountant and former Fremantle Football Club director Mel Ashton as Chairman, follow the departure of four directors at Donaco’s AGM in late November. CEO Paul Arbuckle will also step down from his role in June 2020.
Ashton and fellow chartered accountant Simon Vertullo have joined the new-look board effective immediately, allowing Donaco to comply with its director requirements under Australia’s Corporations Act 2001.
“The Board of Donaco is focused on supporting the management team, transitioning to a new chief executive over the coming six months and on resolving distractions that have hampered the Company’s performance in recent times,” the incoming Chairman said.
“With strong turnaround credentials on the newly constituted Board, the directors are aligned in our focus on stabilizing the Company and delivering for shareholders. My fellow directors and I will also look for opportunities to strengthen the Board further with additional industry expertise.”
According to Donaco’s announcement, Ashton brings more than 37 years’ experience to the board across the hospitality, property, banking and finance, and mining and resources sectors. Previously with KPMG and a founding partner of PPB, he is currently a non-executive director of Aurora Labs Limited, Quintis Holdco Pty Ltd and Hawaiian Group.
Vertullo brings broad financial, transactional and operational expertise, having worked extensively with listed and large privately-owned companies throughout Australia, Asia and the UK. His former roles include working with the restructuring practices of KordaMentha and KPMG.
Donaco operates Star Vegas casino in Cambodia and Aristo International in Vietnam.