Donaco International Ltd. is going through a major restructuring at the very top of the list, a move that follows an already tumultuous year. It was just reported yesterday that board member Ben Reichel, who was also the company’s General Counsel and Company Secretary, had decided to relinquish his position on the board after seven years and there are now more exits coming. In light of all the changes, Donaco trading has been temporarily suspended on the Australian Securities Exchange.
Donaco announced in a filing with the exchange yesterday that, due to a vote at its annual general meeting (AGM) of shareholders, David Green and Yugo Kinoshita will not be part of the company’s board of directors. Green had just been appointed to the board this past April as a non-executive director, but the gaming law expert didn’t garner enough support to make his appointment permanent when the issue was put to a vote. Kinoshita was added as a candidate for possible inclusion, but was rejected, as well.
Shareholders are looking to shake things up even more so than what has already been seen this year with the removal of the company’s founder and former CEO, Joey Lim, and his brother, Ben Lim, who served as interim CEO until earlier this year. In addition to these departures, company chairman Stuart McGregor will also be removed as a Donaco director.
The company added in its filing, “The board notes that as a result of today’s AGM, three independent non-executive directors have been removed from the board. The board accepts the decision of the meeting, and wishes the new board every success in serving the best interests of all shareholders.”