Business

LAUGFS Holdings appoints Piyadasa Kudabalage as Group MD/CEO

LAUGFS Holdings Limited today (27) announced the appointment of Mr. Piyadasa Kudabalage as their Group Managing Director/CEO with effect from 21st May 2020. Kudabalage will oversee the operations of LAUGFS Holdings Limited and all its subsidiaries and associates involved with multiple sectors of the economy.

Kudabalage has had a career spanning well over 35 years in reputable public and private sector organizations in a diverse landscape of businesses across plantation management, insurance, banking & finance, leisure & hospitality, power & energy and industrial manufacture. He was the one-time Managing Director/Chief Executive Officer of Sri Lanka Insurance Corporation Ltd, Litro Gas Lanka Ltd, Canwill Holdings (Pvt) Ltd (Hyatt Hotel Group), Director Peoples Bank and all its subsidiaries, Colombo Dockyard PLC and was also the Chairman of Merchant Bank of Sri Lanka from January 2012 to September 2014.

The appointment of Kudabalage also coincides with the watershed moment of the 25th anniversary of the company. It was grown from a small start-up in 1995 to a highly diversified large conglomerate, engaged with mid and downstream industry of LP Gas, modern trade, petroleum retailing, lubricant blending and distribution, generation of renewable energy, leisure & hospitality, emission testing, manufacture & export of solid tyres and several more sectors. LAUGFS Holdings Ltd has recorded a turnover of LKR 65 Bn for the year ended 31st March 2020,  and has almost 4,000 people employed directly and its daily customer footprint is well over 60,000.

K. H. Wegapitiya and Thilak de Silva will remain in the Board of Directors as the Executive Chairman and the Executive Deputy Chairman respectively of the company. Commenting on the new turn of events, Chairman W. K. H. Wegapitiya stated “We are pleased with the entry of Kudabalage to our strong congregation of professionals as their leader, and the new leadership to be provided by him will deliver great value and support to the several hundred thousands of our clients in the country as well as overseas”. Thilak de Silva, the Deputy Chairman emphasized that the appointment will see Kudabalage step-up the level of delivery of LAUGFS’ ambitious growth plans and the performance of its multiple operations in the ever changing and also eternally challenging external environment.

“Kudabalage would contribute immensely with his treasure of knowledge, invaluable expertise and unparalleled skills acquired to ensure further development through the next phase of growth of LAUGFS Holdings Ltd and its subsidiaries. He will have the fullest support of the Board of Directors for the strategic transformation to be brought into the organization and the objectives to be achieved in the year 2020/21 and beyond,” Laugfs Holdings said in a press release.