Financial Times - Hayleys Group announces succession at the top

The Hayleys Group, one of Sri Lanka’s largest conglomerates, last week announced its succession plans – Nirmala Gihan Wickremeratne, Deputy Chairman, will succeed Rajan Yatawara as Chairman from January 10, 2007 on the retirement of the latter after over 40 years of service.

Mr. Wickremeratne, who joined Hayleys in 1971 and was appointed to the Board in 1986, has been Chief Executive of Dipped Products Limited (DPL) and held overall responsibility for the Hayleys Group's Hand Protection sector since its inception. Hayleys in a statement said Mohan Pandithage will in turn succeed Mr. Wickremeratne as Deputy Chairman. Mr. Pandithage joined Hayleys in 1969 and was appointed to the Board in 1998. He has headed the Maritime Holdings Group (now Hayleys Advantis) since its inception and held overall responsibility for the Transportation sector at Hayleys.

"The Hayleys Group is of the view that the long term competitive advantage of Sri Lanka will be in its value added manufacturing sector as it should emulate countries such as Taiwan and other Asian economies that have done well," a spokesman for the Group said. "Messrs Yatawara and Wickremeratne have been responsible for the pioneering development of some of the core value-added businesses that propelled the Hayleys Group into being one of the pre-eminent corporate entities in Sri Lanka and Mr. Wickremeratne has a great deal to contribute to Hayleys at this point in its history."

Widely known among friends and associates as "Tanky," Mr. Wickremeratne holds a B.Sc. degree from the University of Ceylon, Peradeniya. He has chaired the Sri Lanka Association of Manufacturers and Exporters of Rubber Products and served as a committee member of the Ceylon Chamber of Commerce and as its representative on the National Labour Advisory Council.

Twice adjudged Sri Lanka's best corporate citizen, Hayleys achieved turnover growth of 23.5 per cent to Rs 24 billion in 2005-06, but pre and post tax profit declined as a result of adverse factors that impacted on key business sectors such as Purification Products and Fibre and to some extent on Hand Protection. As a result, Group profit before tax declined by 21 per cent to Rs 1,484.5 million, while profit after tax and minority interest, at Rs 586.3 million was down 24 per cent.

The Hayleys Group comprises local and international businesses in Fibre, Hand Protection, Purification Products, Agri Products, Plantations, Transportation, Agri Inputs, Resorts, Consumer Products, Industry Inputs, Textiles, Power and Energy and Investments and Services.

The Board of Directors of Hayleys Ltd comprises Messrs R. Yatawara (Chairman), N. G. Wickremeratne (Deputy Chairman), A. M. Pandithage, R. A. Ebell, L. K. B. Godamunne, P. S. P. S. Perera, J. D. Bandaranayake, A. D. B. Talwatte, A. Hettiarachchy, M. R. Zaheed and A. M. Senaratna.