HK-listed Success Dragon has announced the resignation of its chairman and CEO, Mr. Tan Teng Hong, effective Tuesday, July 3.
No reason was given for his unexpected departure other than “his decision to focus his time and effort on other business.”
Upon Mr. Tan’s resignation, he has also resigned as chairman of the executive committee, the investment committee, the nomination committee and as a member of the remuneration committee of the Board.
In his place, Success Dragon has appointed Mr. Kwan Chun Wai Roy as the new chairman and CEO of the company.
Mr. Kwan, aged 42, holds a Bachelor of Science in Computer Science and Economics awarded by University of Michigan, Ann Arbor.
He also holds Master of Science in Engineering Economic Systems and Operations Research awarded by Stanford University.
Mr. Kwan has extensive experience in banking, financial and technology sectors and strategic management consultancy experiences in various industries such as pharmaceutical, consumer goods and financial services.
He has also held senior positions in various multinational organizations.
Last month, Success Dragon said it expected to record an impairment loss of US$10-15 million, which will impact the loss attributable to the company for the year ended March 31, 2018.
The impairment loss comes from Success Dragon’s investment in Primus Power Corporation, a Silicon Valley-based developer of power and storage systems.
The company has been steadily diversifying away from the gaming industry.
Last November, the company decided to cease its operations at Landmark Macau after recording a widened segment loss for the six months ended September 30, 2017.