Rajendra Theagarajah to step down as Cargills Bank MD/CEO
2 years ago
Banking sector veteran Rajendra Theagarajah is set to step down from his role of Managing Director/Chief Executive Officer of Cargills Bank Ltd., after just over two and a half years in the role, The Morning Business learns. Accordingly, 30th September will be his last day in this position, which he was appointed to on 1st January 2018. Theagarajah had served as the Non-Executive Joint Deputy Chairman of Cargills Bank from December 2016 till this appointment. When contacted Theagarajah confirmed the news. “Yes, I am intending to step down because my period is coming to an end and I want to retire from full time executive functions. I am the longest serving CEO in the banking industry having been in that role for 18 years. I am 62 years old now.” The timing of his decision is interesting as the bank is set to be listed on the Colombo Stock Exchange (CSE) next year, and he was appointed to lead the bank towards this listing. “With this appointment, he will play a pivotal role in executing strategy and delivering the business plan of the bank which includes a roadmap for a listing at a future point in time,” the bank stated in a press release announcing his appointment on 2nd January 2018. Cargills Bank has not yet announced his successor, but our sources indicate that it is a highly experienced banking industry professional. Theagarajah counts over 34 years in banking both locally and internationally and prior to joining Cargills Bank functioned as the Chief Executive Officer of National Development Bank Plc for three years during which time the bank was awarded the coveted ‘Best Bank in Sri Lanka’ accolade by Global Finance Magazine in 2015. Prior to that, he served as CEO/Managing Director at Hatton National Bank Plc for nine years. During this tenure the bank was recognised as the Best Retail Bank in Sri Lanka for seven successive years (2006-13). He was also personally recognised for outstanding Leadership in Banking twice in 2010 and 2013 by the Asian Banker. He is also an independent non-executive Director of Carson Cumberbatch Plc. Theagarajah served as the Chairman of the Ceylon Chamber of Commerce and was also a past Chairman of the Sri Lanka Bankers’ Association (Guarantee) Ltd. and Financial Ombudsman Sri Lanka (Guarantee) Ltd, former Director of the Colombo Stock Exchange and former Chairman of the Asian Bankers Association. He has also served as a Council Member of the Sri Lanka Institute of Directors. Further, he has served as the Chairman of the Chartered Institute of Management Accountants (UK) Sri Lanka Governing Board and also as a member of CIMA UK’s Global Council.