Toh Hup Hock is stepping down from his position as chief financial officer of Sands China Ltd. effective next year.
In a filing to the Hong Kong Stock Exchange on Sunday, Sands China—the Macau unit of Sheldon Adelson’s Las Vegas Sands Corp—announced Toh will be resigning on April 15 from his roles as an executive vice president, executive director and as a director of various subsidiaries of the company “to pursue other business interests.”
The company said the separation was amicable, and that “Mr.Toh has confirmed that he has no disagreement with the board, and there are no matters that need to be brought to the attention of the shareholders of the company in respect of his resignation.”
Toh joined the company in April 2007, serving as senior vice president for finance until November 2009. He served as chief financial officer and executive vice president of Sands China from November 2009 before taking the reins as an executive director on June 30, 2010.
“The company will begin a search process to find a replacement for Mr.Toh,” the company said in a statement.
Last month, Sands China hired gambling outsider Wilfred Wong as the company’s new president and chief executive officer effective Nov. 1, replacing Rob Goldstein, who has been serving as Sands China’s interim president since earlier this year.
Wong, an ex-member of the National People’s Congress of the People’s Republic of China, was once an adviser to the government in Beijing. He also held roles in the property development and construction business sectors, but it will be the first time Wong will work in the gambling industry.
“Wilfred has a unique combination of private and public sector experience we think will be invaluable to the company at this point in our history,” Sands Chairman Sheldon Adelson said in a statement following Wong’s appointment. “As president of Sands China, Wilfred will be able to put his experience to work helping us cart a path for our next decade of success in Macau.”
Union Gaming Group analyst Grant Govertsen told Bloomberg he believes taking Wong—and influential man in China—on board “would be a distinct positive as it relates to concession renewal, not to mention any other approvals along the way.”
