Melco International Development Ltd, the parent company of Macau concessionaire Melco Resorts & Entertainment, has announced the appointment of its Chief Financial Officer as an Executive Director.
It has also named Henry Ko Chun Fung as a new independent non-executive director in order to fulfil Hong Kong Stock Exchange requirements around non-executive directors following the recent passing of John William Crawford.
In a filing, Melco International said 57-year-old Davis, who is also Executive Vice President and CFO of Melco Resorts and a director and CFO of Studio City International Holdings Limited, had entered into a letter of appointment with the company with no specific term and no service contract entered into. He will not receive any additional remuneration for acting as an Executive Director given his existing roles.
Davis first joined Melco Resorts in 2007, having previously worked as a research analyst for Citigroup Investment Research where he covered the US gaming industry from 2001 to 2007. He currently holds 895,080 shares and 461,000 underlying shares in Melco International plus 2,125,377 shares and 1,379,130 underlying shares in Melco Resorts, the company explained.
The 65-year-old Ko, it added, joins the Melco International board as a “seasoned professional with a strong track record of successful senior positions in Asia”.
He has led various high-profile ventures in the telecom industry and was a founder of iAsia Online Systems Limited where, in his capacity as CEO and Executive Director, he nurtured its growth into a leading financial trading solutions vendor in Hong Kong and mainland China.
He has also served as CEO and Executive Director of PAL Development Limited where he set up the lottery business that was subsequently acquired by MelcoLot Limited in late 2007 and was appointed CEO and Executive Director of MelcoLot Limited from 2008 to 2017.
Ko is entitled to a director’s fee of HK$200,000 (US$25,000) per annum for acting as an independent non-executive director, HK$100,000 (US$12,500) per annum for serving as a member of the Audit Committee, HK$40,000 (US$5,000) per annum for serving as the chairman of the Remuneration Committee and HK$40,000 per annum for serving as a member of the Nomination and Corporate Governance Committee, all of which he has been appointed to.
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