Nagacorp shakes up management team

Nagacorp said it is shaking up its management team, with a new executive deputy chairman and chief financial officer, to help position the company for further growth.

Philip Lee Wai Tuck, an executive director and CFO, has been promoted and designated as the executive deputy chairman with effect from 15 March. He will continue to oversee the overall financial and treasury affairs of the company as well as supporting and strengthening strategic direction and oversight.

Tan Sean Czoon has been appointed as CFO to replace Lee. Tan, aged 39, joined the group in 2013 and last held the position of vice president of business development. Prior to joining the group, he was attached to the asset management division of Deutsche Bank (Hong Kong).

In a filing to the Hong Kong Stock Exchange, Nagacorp said it “would like to focus on the re-alignment and strengthening of its senior management in order to meet with the higher aspirations and further growth of the company.”

The Cambodian operator opened its Naga2 expansion at the end of last year, doubling its footprint. It posted GGR of $1 billion for the year, with its market capitalization having reached $4.4 billion as of March 12.

Analysts have been impressed by the quality of the offering at Naga2, saying it has put the company in a good position to capture a growing portion of the VIP market.

In addition, Chen Yepern will be repositioned in the CEO Cabinet where he will become a managing director to support the executive functions of the founder and CEO of the Company, Tan Sri Dr Chen Lip Keong. He will retire as an executive director at the forthcoming annual general meeting on 27 April.