After 21 years with SJM Holdings, Ambrose So is retiring. A statement from the company said that he would not seek reelection as a director at the next annual general meeting.
Described as the “right-hand man” of late tycoon Stanley Ho, So has spent 16 years as executive director and chief executive officer and 5 years as vice-chairman of SJM Holdings. However, he will remain a director of SJM Resorts, the SJM unit that holds a gaming concession from the Macao government.
Last year, So reportedly reduced his stake in SJM Holdings, selling a large number of shares for a total of HK$87 million.
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With So’s departure, the executive committee of SJM Holdings will consist of chair Daisy Ho, Timothy Fok, Angela Leong, and David Shum.
In March, SJM Holdings reported a loss of HK$7.8 billion for 2022, with an almost 38 percent decline in gaming revenues owing to the Covid-19 pandemic.
However, Ho said the awarding of a new 10-year gaming concession meant that it was a “milestone year” for the company and that it was preparing to invest billions of patacas in attractions and new facilities not related to gaming.
