LAUGFS Holdings Ltd. has announced the appointment of Piyadasa Kudabalage as its Group Managing Director/CEO with effect from 21 May. Kudabalage, consequently will oversee the operations of LAUGFS Holdings Ltd. and all its subsidiaries and associates involved with multiple sectors of the economy. W.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.
The move comes as a part of the strategic transformation of the Group of companies and mark the beginning of an exciting new chapter for this growing business conglomerate.
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 and hospitality, emission testing, manufacture and export of solid tyres and several more sectors. LAUGFS Holdings Ltd. has recorded a turnover of Rs. 65 billion for the year ended 31 March, and it is one of the largest employers in the country with almost 4,000 members employed directly and its daily customer footprint is well over 60,000. 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.” Deputy Chairman Thilak de Silva emphasised 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 had an extensive and impressive career spanning well over 35 years both in the leading and reputable public and private sector organisations in a diverse landscape of businesses across, plantation management, insurance, banking and finance, leisure and hospitality, power and energy and industrial manufacture.
Kudabalage had occupied the top-rung positions in all sectors he was engaged with. He was the one-time Managing Director/Chief Executive Officer of Sri Lanka Insurance Corporation Ltd., Litro Gas Lanka Ltd., Canwill Holdings Ltd. (Hyatt Hotel Group), Director People’s 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.
He is an exceptionally qualified and experienced professional and also an alumni of University of Kelaniya from where he was graduated in Business Administration and Management. Besides, he is a fellow member of the Institute of Chartered Accountants of Sri Lanka and also a fellow member of the Institute of Certified Management Accountants and the Institute of Chartered Professional Managers of Sri Lanka. 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 organisation and the objectives to be achieved in the year 2020/21 and beyond. LAUGFS Holdings Ltd. is one of the largest diversified business conglomerates and a trusted and well-loved home grown business in Sri Lanka. Founded in 1995, LAUGFS today has expanded across 20 industries in Sri Lanka and overseas, establishing a strong presence as a leader and pioneer in the power and energy, retail, industrial, services, leisure and logistics sectors. With 4,000 employees and an annual turnover exceeding Rs. 65 billion, LAUGFS continues to expand and empower millions as a trusted Sri Lankan brand.