The man who has launched an Australian telecommunications company more than a decade ago and turned it into a billion dollar business will soon take the helm of casino operator Silver Heritage Group Ltd.
In a disclosure to the Australian Stock Exchange on Monday, Silver Heritage announced the appointment of James Spenceley as non-executive chairman and director of the company. Spenceley will replace David Green, who made an abrupt goodbye several weeks ago.
Spenceley’s appointment came less than five months after the company the company launched casino operations at its US$52 million Tiger Palace Resort Bhairahawa in Nepal, located just eight kilometers from the Indian border.
Silver Heritage described Spenceley as an “award-winning entrepreneur and experienced company director,” while local Australian newspapers said the newly appointed chairman loves a good challenge.
Spenceley founded Australia’s fourth largest telecommunications company Vocus Communications with a capital of A$1 million ($752,515) in 2007. Fast forward to 2016, when Spenceley left Vocus with a market capitalization of over A$5 billion ($3.76 billion).
Spenceley was also chairman of online job sharing platform Airtasker, former owner of the Illawarra Hawks basketball team before joining Silver Heritage and co-founder of Australian small capital investment fund MHOR Asset Management.
As Silver Heritage’s new boss, Spenceley will chair the casino operator’s People and Culture Committee with independent director Matthew Hunter as the second committee member. Hunter will chair the company’s Audit and Risk Committee with non-executive director Robert Benussi as the second committee member.
Meanwhile, Silver Heritage also told the Australian bourse that its current three non-executive directors “have agreed to waive half of their fees until the end of 2018.”
The Australian-listed firm added that it expects aggregate annualized savings of A$375,000 [US$283,072] due “to these waivers, as well as the reduction from four independent non-executive directors to three.”