The largest single shareholder of CY Foundation, Dato Poh Po Lian, replaced the Executive Director and Chairman of the company, Sneah Kar Loon, after the latter resigned. Dato Poh is 57 years old and controls around 66.5 per cent of the total issued shares of the company that is mainly involved in the management of electronic gaming equipment in Macau. This move was caused by the resignation of Mr. Sneah who decided to dedicate more time to his family and other business. This notwithstanding, Sneah will continue to serve the company under the existing contract for another three months, after which he will serve as consultant for at least one year. Concerning Dato Poh’s appointment, it is subject to normal retirement and re-election by shareholders. However, as he controls 66.5 per cent of the shares this should not be a problem. Dato Poh will be remunerated with a salary of HK1.95 million per year. Dato Poh has been involved in the gaming and hospitality industries for the past 30 years. He started his career in 1977.