UK-based Rank Group Plc has announced that Chew Seong Aun will succeed Tang Hong as non-executive director.
Aun Succeeds Company Veteran Cheong
UK-based gambling market leader and LSE-listed Rank Group Plc announced on Thursday that CFO Chew Seong Aun will succeed Tang Hong Cheong as the company’s non-executive director.
Mr. Aun is an expert in corporate finance with over 30 years of experience in the field of investment banking and is the current acting CFO of Rank Group, which . The veteran investment banker is also a member of the board of Hong-Kong based private investment fund Guoco Group – the majority shareholder of Rank Group Plc.
During his three-decade-long executive career in investment banking, Mr. Aun specialized in raising working capital for large-scale projects across Asia, Europe as well as in the UK.
Chairman Confident in Move
Rank Group Chairman Alex Thursby welcomed the Mr. Aun to the company’s management board and praised the substantial work experience and financial and commercial expertise Mr. Seong Aun would bring to the table. Furthermore, Mr. Thursby is confident that the move would help further strengthen the solid communication between Rank Group and its majority shareholder Guoco Group.
Rank Group’s previous non-executive director Tang Hong Cheong has held this position for 20 years. He recently announced his retirement from the board and all of his duties representing the company.
Mr. Thursby also bid farewell to Mr. Cheong and thanked him for his dedication to the firm and his many years of service. “On behalf of Rank I would like to thank Hong Cheong for his valuable contribution as a director over the past two years and wish him well on his retirement,” he said.
Looking to the Future
Rank Group has had an overall solid year, given the current economic climate, and the decision to name Mr. Aun non-executive director primes the company for a stronger 2021.
The gaming sector has had an overall turbulent year due to the global Covid-19 pandemic. In order to curtail the spread of the SARS-CoV-2 virus, jurisdictions across the world have introduced strict limitations and regulations for various gambling establishments, including in the UK – Rank Group’s base of operations.
In September, Rank Group revealed that despite go-ahead for casinos to reopen, revenues on the UK market were 40% lower compared to last year.
CEO John O’Reilly has stressed that it is vital to restore consumer confidence in the city’s infrastructure in order to boost player numbers and bring revenues back to healthy levels.