Galaxy Entertainment Group has announced the redesignation of former senior executive and now board member Michael Mecca from a non-executive director to an independent non-executive director, effective 1 March 2023.
In announcing the change in designation, GEG said Mecca – who served as the company’s President and Chief Operating Officer before his retirement in April 2018 – does not participate in the day-to-day management and operations of the group nor hold any other executive or management role or function with the group. As such, he satisfies Hong Kong Stock Exchange listing rules for the redesignation, the company said.
“Considering that Mecca has gone through more than four years’ cooling-off period since his retirement, the Board and Nomination Committee of GEG confirm that Mr Mecca meets all the independence requirements under Rule 3.13 Listing Rules,” GEG explained.
Mecca, who holds 1,275,612 shares in GEG, has subsequently entered into a new three-year service agreement with the company that will see him receive an annual director’s fee of HK$390,000 (US$49,700).
The 74-year-old had previously played a key role in GEG’s international expansion efforts, finalizing its acquisition of a 5% stake in Monte Carlo-based Societé des Bains de Mer (SBM) and then overseeing its early pursuit of a Japan integrated resort license as part of a strategic partnership with SBM.
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