Sands China has appointed Hera Siu as an Independent Non-Executive Director as part of several changes to its Board and committee structure, effective 23 September.
Siu will also serve as a member of the company's Audit Committee. She currently holds Board positions at semiconductor equipment company ASMPT, Goodyear Tire & Rubber and French industrial group Vallourec.
The 67-year-old previously served as CEO for Greater China at Cisco Systems before retiring in 2020. She will receive approximately US$270,000 annually for her role as an Independent Non-Executive Director, with no additional fee for serving on the Audit Committee.
Her appointment follows the retirement of Steven Strasser, who joined the Sands China board in May 2013. After more than 13 years, Strasser has stepped down as an Independent Non-Executive Director, Chairman and member of the Remuneration Committee and member of the Audit Committee.
Strasser will remain involved with Sands China as a consultant and continue working with its senior management team. The company said his departure was related to his decision to devote more time to other personal engagements.
Separately, existing Independent Non-Executive Director and Audit Committee member Kitty Chung has been appointed Chairlady of the Remuneration Committee.
The Board changes come shortly after parent company Las Vegas Sands increased its ownership of Sands China to 75.01% through the purchase of 1.62 million shares.
The transaction reduced Sands China's public ownership below the Hong Kong exchange's initial 25% prescribed threshold. Sands China will instead rely on an alternative requirement providing for a minimum 10% public float with a value of at least HK$1bn (US$127.5m).
Its public float was valued at approximately HK$30.64bn following the transaction.
Siu previously served as Cisco Systems' Greater China CEO before retiring in 2020
