Local gaming group Macau Legend announced that David Chow Kam Fai will step down as CEO of the group effective on March 26, but will remain as Executive Director and co-chairman of the Board.
The move was justified on better work allocation and Chow’s intention to focus on the overall business strategy and policy development.
Macau Legend reported a 26.5 per cent year-on-year increase in revenues in 2019 to some HK$2.3 billion, but with HK$190.2 million in losses also registered.
Meanwhile, Chow’s spouse, Melinda Chan Mei Yi, has been appointed as an Executive Director and a member of the remuneration committee of the Board, with effect also from March 26.
The former legislator was appointed as President of Macau legend’s subsidiary Macau Fisherman’s Wharf International Investment Limited since October 2017.
‘Ms Chan does not receive remuneration as an Executive Director at the Company’s level but is entitled to a remuneration of MOP187,200 per month and discretionary year-end bonus payable at the subsidiary level, and her remuneration package with the Group will be subject to review by the Board,’ the report noted.
Meanwhile, due to advanced age Executive Director, Madam Lam Fong Ngo has decided to resign and retire from the directorship of Macau Legend and will also cease to be a member of the remuneration committee of the Board.