Success Dragon Chairman and CEO Tan Teng Hong resigned July 3, citing a decision to “focus his time and effort on other business.”
Tan also resigned as chairman of Success Dragon’s executive committee, investment committee and nomination committee and as a member of the remuneration committee of the board.
The company has appointed Kwan Chun Wai Roy as the new chairman and CEO of the company. Asia Gaming Brief cites Kwan’s extensive experience in banking, financial and technology sectors and strategic management consultancy experiences in various industries such as pharmaceutical, consumer goods and financial services. He has also held senior positions in various multinational organizations.
Last month, Success Dragon said it expected to record an impairment loss of US$10 million to $US15 million, which will affect the loss attributable to the company for the year that ended on March 31. The impairment loss comes from Success Dragon’s investment in Primus Power Corp., a Silicon Valley-based developer of power and storage systems, AGB reported.
The company has been gradually moving out of the gaming industry, and last November announced it would cease operations at its Landmark Macau after recording a wider segment loss for the six months that ended on September 30, 2017.
