SJM Holdings Limited, the Macau headquartered hotel and casino operator, has announced several board changes, including the appointment of Daisy Ho as Chairman and Executive Director of the company.
Daisy Ho will be replacing her 96 year old father, Stanley Ho who has been named ‘Chairman Emeritus’, of the company which he first founded in 1962.
SJM announced that Stanley Ho will vacate his roles as Chairman, Executive Director, and as a member of the Executive Committee of the Board of the Company, following the company’s annual general meeting (AGM). Ho will formally retire in June.
SJM Holdings had a tough financial year in 2017, seeing its profits decline 15.6% to $249m. Daisy Ho’s first major task as chairman will be to help reverse this trend, and to oversee the construction of the Grand Lisboa Palace project in Macau’s Cotai district, a development which has been plagued by delays .
The company’s board have also announced the appointment of Timothy Fok Tsun Ting and Angela Leong On Kei as Co-Chairmen and Executive Directors of the Company. In addition SJM have confirmed the appointment of Fai So Shu as Vice-Chairman, Executive Director and Chief Executive Officer of the Company.
In a statement concering Ho's departure SJM's board said that Ho had ‘its sincere gratitude to Dr. Ho for his invaluable contributions in building a solid foundation for the Company’s continuing growth in the future’.