Outgoing Donaco CEO helps after June 4

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Australian-listed casino operator Donaco International announced on Wednesday that outgoing chief executive Paul Averkle would remain in his position on a "monthly basis" after his planned departure in June, helping the company "smooth transition to a new chief executive."

That's according to a filing with the Australian Stock Exchange. The company operates casino hotel properties in Indochina Peninsula: Star Vegas Resort and Club (file photo) in Poipet, on the Thai-Cambodian border, and the Aristo International Hotel in Laoqai, on the Vietnamese-Chinese border, and related casinos.

"The Donaco Board welcomes Mr. Arbuckle's continued support and believes it will allow for a smooth transition to a new CEO," Donaco told the stock exchange.

"The board has interviewed several outstanding candidates for the CEO position currently under review during the executive search and is pushing for appointments as soon as possible," Donaco said.

Mr Aberkle only stepped down as Donaco's chief executive in June last year. His last day was scheduled for this Thursday (June 4).

Donaco said the key terms of his contract with Arbuckle were those announced on June 11 last year, including 400,000 Australian dollars ($277,300) in fixed annual pay and other short- and long-term incentives.

All of Donaco's casino buildings have experienced temporary closures during the COVID-19 pandemic. In mid-May, Donaco announced the reopening of Aristotel International. The move comes after Vietnam decided to allow nonessential businesses to reopen, except nightclubs and karaoke bars, from May 8.

 

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