Donaco International Limited has announced that board members Leo Chan and Kurkye Wong – the two board representatives of institutional investor Argyle Street Management Limited (ASM) whose subsidiary, On Nut Road Limited, acquired a 19.25% stake in Donaco in July 2019 – have been appointed as executive directors.
Their elevation, having originally been appointed non-executive directors in August following the ousting of company founders Joey and Ben Lim, is the latest in a series of changes to Donaco’s executive structure which included the departure of three other board members – Stuart McGregor, David Green and Yugo Kinoshita – at the AGM in November. Long-time General Counsel and Company Secretary Ben Reichel is also departing this week.
As executive directors, Chan and Wong will work on legal, operational and financial matters for the company, Donaco said, including corporate activity and strategic projects as well as investor relations matters.
The duo, to be based in Hong Kong, have signed employment contracts that will see them paid annual salaries of AU$200,000.
ASM’s acquisition of a 19.25% stake in Donaco last year represented a majority of the 27.25% stake seized from Joey Lim by Asian investment firm Orchard Capital Partners after he defaulted on a loan repayment in November 2018.
Both Chan and Wong also sit on the board of ASM with Chan, an Executive Director of the company, boasting more than 13 years’ experience in making and managing investments throughout Asia.
Wong, who has previously worked at KPMG and FTI Consulting in Hong Kong, is Vice President at ASM and holds a Bachelor of Business from the Queensland University of Technology, a Juris Doctor from the Chinese University of Hong Kong and a Master’s Degree in Financial Engineering from Stanford University.