Hong Kong-listed NagaCorp Ltd, operator of integrated resort NagaWorld in the Cambodian capital of Phnom Penh, has announced the impending retirement of its long-time Chairman, Tim McNally.
According to information filed late Thursday, McNally will step down as Chairman and Non-Executive Director upon the expiration of his current term on 30 June 2025, having first stepped into the role more than 20 years ago in February 2005.
NagaCorp said the 71-year-old – who was previously a Special Agent of the Federal Bureau of Investigation (FBI) – was retiring in order to spend more time with his family and focus on personal interests.
Stepping into the chairman’s position will be current Executive Director and Executive Deputy Chairman of the Board, Philip Lee Wai Tuck, aged 62, with effect from 1 July 2025. NagaCorp said it thanks McNally for his “dedication and the significant contributions he has made to the Company during his tenure of office.”
In a statement send to IAG, McNally said, “I am extremely grateful for the opportunity afforded me by the late Tan Sri Dr. Chen Lip Keong, the founder of NagaCorp, to serve as Chairman of the company. Dr Chen was indeed a visionary and creative genius determined to be successful in establishing a first world company in Cambodia, a country with a troubled past but offering the promise of tomorrow.
“I joined the company with the idea of assisting them for a year as an advisor on AML matters and more broadly corporate governance matters as the company had applied in 2005-06 to be publicly listed on the Hong Kong Stock Exchange. We succeeded and became the first gaming company to be listed on the Exchange.
“Dr Chen convinced me to join the Board of Naga as its Chairman. He spoke to me regularly how we could build a successful company and more importantly contribute to nation building and a better future for the people of Cambodia. His pitch to me was persuasive and my three-year commitment rolled out to be 20 years.
“It is said that wherever you decide to spend your time and energy it is ideal to leave the company in better shape than when you joined. I can say with pride that the company has achieved significant success during the past two decades.
“I am pleased that we have contributed much to the economic development of Cambodia, particularly the tourism/ hospitality sector. I am pleased that we have provided job opportunities for thousands of Cambodians who have worked for Naga over the years and feel fortunate and blessed to have worked side by side with this fine group of people.
“I am most pleased that during the past 20 years that NagaCorp has earned its success and the respect of our peers in the gaming and hospitality industry. I leave Naga knowing it is in great hands with the current leadership and fully expect great things will be accomplished by the Naga team in the years ahead.
“I will miss the Cambodian people and their special ability to make each visitor feel welcome and cared for. I leave with admiration, respect and best wishes to my colleagues at Naga and across the gaming/ hospitality industry.
“The road less traveled often leads to rewarding experiences and adventures.”
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