Donaco International’s CEO Search Has Finally Come To An End: Lee Bug Huy To Pick Up After John Arbuckle

Article by : Helen Sep 22, 2020

Donaco International spent its last 7 months looking for a new CEO, and its search has finally resulted in an appointment of Lee Bug Huy (also known as Techatut Sukcharoenkraisri). The latest development is effective September 3, as stated in the ASX release published on the company’s website.

Lee Bug Huy is replacing John Arbuckle, who announced his intention to leave the post in December 2019 after serving just half a year as the company’s CEO. However, he agreed to remain for another half a year as an interim CEO and then resigned for good on August 4, 2020.

Lee Bug Huy was initially brought to Donaco’s Board as an Executive Director in August this year. Over this short period, he and Lee Bug Tong managed to help the company raise A$14.4 million in the form of an entitlement offer. Mr. Huy will remain on the Board despite his appointment as the company’s CEO.

Interestingly enough, the two offer underwriters were previously involved in a legal proceeding with Donaco: it sued them for poaching its Star Vegas Resort & Club in Cambodia. The litigious actions lasted for years and were brought to an end only at the beginning of this year.

However, it seems the hatched was buried, and Mr. Huy is seen as a valuable addition to the management team. Besides what he already managed to achieve for Donaco in his short stay on the Board, his track is impressive enough: he is an experienced professional in gaming and casino management. Mr. Huy has been a Casino Vice President at Star Vegas Casino & Resorts Co and overseen slot machine business model development.

As it was stated in the ASX release, Donaco is “extremely pleased by the appointment of Lee Bug Huy as our new CEO, who brings considerable expertise in the casino and gaming industries. Lee is highly regarded in the gaming and leisure industry, and we are confident his experience and drive will lead Donaco forward once the casinos will be fully operational, and we welcome him to his new role.”

Donaco International Ltd. is an Australian-based casino operator most famous for its Star Vegas Resort & Club in Cambodia (located in Poipet close to the border with Thailand) and Aristo International Hotel in Vietnam (located in Lao Cai next to the border with China).

Donaco International is living through some turbulent times. The previous fiscal year that ended on June 30 brought less than satisfactory results with a $5 million loss. However, there is a silver lining worth mentioning: compared to FY19 with the restated losses of A$198 million, FY20 showed a 70% improvement in its bottom line.

The same ASX report also announced two more appointments to the Donaco Board: Issaraya Intrapaiboon and Andrew Phillips have joined the Donaco team as Non-Executive Directors on September 2. They replaced Mel Ashton and Simon Vertullo in their roles on the Board.

Both of the newcomers have years of experience working in senior management positions under their belts. Issaraya Intrapaiboon brings to the table 20+ years of experience in operation, maintenance, and planning within the water sector. He is currently managing large teams and operational budgets at Unitywater, Australian-based water and sewage treatment provider. Andrew Phillips, in his turn, can boast 25+ years of experience in senior financial and commercial management positions. He’s worked with multinational and publicly listed companies based in Australia and New Zealand.

Helen

Chief Editor

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