Rank appoints Guoco CEO to board of directors

Rank Group has appointed Tang Hong Cheong, president and chief executive of the operator's majority shareholder Guoco Group, as a non-executive director.

Hong Cheong, who takes up the role with immediate effect, has a long-standing relationship with the company, having worked alongside Rank's management since 2010.

He has served as chief executive of Hong Kong-based investment firm Guoco, which owns a 52% stake in Rank, since 2016.

Hong Cheong also currently serves as group managing director of two Guoco subsidiaries, investment holding company GL Limited and Asia-focused property developer GuocoLand, both of which are listed in Singapore.

“Hong Cheong has been working with the management of Rank since 2010 and has a broad understanding of the operational, financial and business aspects of the company,” Rank chairman Ian Burke said. “With Hong Cheong joining the board, he will be able to further enhance the communication between Rank and its major shareholder and, with his extensive commercial experience, be able to bring valuable contributions to the Rank board.”

Guoco acquired a majority stake in Rank, the parent company of the Grosvenor Casino and Mecca Bingo operations, in 2011, taking a 56.4% shareholding in the business. The investment firm has since sold off part of this stake, but remains the majority shareholder.

Rank has made a number of changes to its senior team in recent months after it reported a 5% year-on-year drop in revenue during the 16 weeks to October 14, 2018, and was also hit with a £500,000 (€564,500/$643,600) fine for breaching problem gambling rules in the UK.

In November, it named William Floydd as its new chief financial officer. Floydd was previously CFO of credit reporting agency Experian plc’s UK and Ireland region and also held leadership positions at IT and management consultancy Logica.