Joey Lim out as Donaco CEO

Donaco International, an operator of casinos throughout Asia, has ousted its CEO. Joey Lim Keong Yew has been officially removed from his position “with immediate effect,” but will remain on the company’s board as a non-executive director. His brother, Ben Lim Keong Hoe, is going to continue as the interim CEO and managing director, roles he was given when Joey Lim exited due to illness this past December.

Joey Lim has been on sick leave since December 6 last year. At the time, he was serving as managing director and CEO and was expected to only be away for about three months.

The Lim brothers, according to a filing with the Australian Securities Exchange from last October, controlled about 41.13% of Donaco. However, this changed earlier this month when it was announced that a 27% stake previously held by the Lim family had been sold. That deal saw Vincent Prinina and Mitchell Mansfield appointed as “joint and several receivers of approximately 224 shares” in Donaco. It wasn’t clear whether or not that stake was held directly by the Lim brothers, or by an entity controlled by the Lim family.

Donaco is now searching for a permanent CEO to replace Ben Lim and the board is preparing to launch a recruitment action to find the ideal candidate.