Macau casino operator SJM Holdings Limited has reportedly confirmed that Stanley Ho Hung Sung has officially retired as its Chairman to be replaced by his 53-year-old daughter, Daisy Ho Chiu Fung (pictured).
According to a report from GGRAsia, the succession plan first announced in April became official following SJM Holdings Limited’s latest annual general meeting on Tuesday with the 96-year-old businessman subsequently being named as Chairman Emeritus for the Hong Kong-listed casino firm he helped to establish in the early 1960s.
“Dr Ho has confirmed that he has no disagreement with the board and there is no matter that needs to be brought to the attention of shareholders of the company in respect of his retirement,” read a Tuesday filing (pdf) from SJM Holdings Limited, which is responsible for some 19 Macau casinos including the iconic Casino Grand Lisboa and the newer Emperor Palace Casino. “The board expresses its sincere gratitude to Dr Ho for his invaluable contributions in building a solid foundation for the company’s continuing growth in the future.”
For her part, Daisy Ho Chiu Fung was reportedly named as an executive director for the company a year ago, which is a role she is now set to retain, after serving until the end of 2010 as a director for the local MGM Grand Paradise Limited subsidiary of rival casino operator MGM China Holdings Limited.
SJM also used its Tuesday annual general meeting to reveal that 72-year-old, Timothy Fok Tsun Ting, has been appointed to serve as its Co-Chairman alongside Stanley Ho Hung Sung’s 57-year-old wife, Angela Leong On Kei, with both due to retain their positions as executive directors.
Finally, SJM explained that its shareholders had approved the appointment of its 67-year-old Executive Director and Chief Executive Officer, So Shu Fai, to the additional post of Vice-Chairman while furthermore naming 64-year-old Ina Chan Un Chan as an executive director.