JFS revamps Board with more Independent Director to foster TAGS

JFS Holdings Ltd., has announced the appointment of Nuwan Widyapathige as its third Independent Director to the Board with effect from July 2023. 

Following the recent appointment, the composition of the board has been enriched with a majority of independent non-executive directors out of a total of five board members. 

Since its establishment in 2012, JFS Holdings has experienced remarkable growth and established itself as a formidable presence in various industries including ICT, BPO, Agro Food, and Action Sports. With four fully owned subsidiaries under its belt, the company has rapidly expanded and transformed into a thriving entity. Within a short span of a decade, JFS has achieved exponential development, currently employing over 100 talents. The company shows no signs of slowing down, with plans for further expansion on the horizon.

The appointment of Nuwan Withangae and Nilantha Perera, took place in 2021/22 fiscal year. This appointment played a pivotal role in achieving a 50% independent opinion on the board, even though it is not a regulatory requirement for a limited liability company.

Nuwan Withanage brings over 17 years of experience in strategy, finance, audit, and general management to the board. Currently serving as the Chief Financial Officer at Softlogic Life Insurance PLC, Nuwan is a highly respected finance professional in Sri Lanka and currently serves in the Governing Council of the Institute of Chartered Accountants of Sri Lanka as a Council member.

He also served as the Chairman of the Finance and Technical Committee (CFO forum) of the Insurance Association of Sri Lanka for the last 5 years. He also serves as member of the Sustainability Reporting and Assurance committee of South Asian Federation of Accountants (SAFA), member of Standard Interpretation committee (SIC) at CA Sri Lanka. 

Nuwan’s notable achievement includes being recognised as the youngest CFO to receive the prestigious “Best CFO Award” from the Institute of Certified Management Accountants of Sri Lanka.

He is a Fellow member (FCA) of the Institute of Chartered Accountants of Sri Lanka, Associate member of Association of Chartered Certified Accountants (ACCA) United Kingdom and Associate member of Certified Management Accountants of Sri Lanka (ACMA). Nuwan holds a Master’s in Business Administration from the Postgraduate Institute of Management (PIM) of the University of Sri Jayewardenepura and also holds a Business Management Finance Special Degree from University of Kelaniya.

Nuwan has demonstrated exceptional contribution to the growth and success story of Softlogic Life in the last 10 years where Softlogic Life increased their market position from 5th to 2nd largest insurer in Sri Lanka with a 10 year CAGR of over 25% continuously.

Nuwan has demonstrated exceptional exposure and diligence during his time at Softlogic Group. His independent opinion is set to bring even greater value to JFS, especially considering the ongoing multiple due-diligence exercises with few overseas companies for potential Joint Ventures.

Nuwan serves as the Chairman of the Audit Committee and member of the two committees; Related Party Transaction Committee and Remuneration Committee at JFS.

Nilantha Perera joins JFS with nearly 30 years of experience in Human Resource Management, making him a valuable asset to the board. Prior to his appointment, Nilantha currently serves as the Head of HR at PMF Finance PLC and served as the Head of HR at Orient Finance PLC and Ceylinco General Insurance PLC before. His expertise and involvement in academia as a visiting lecturer at Chartered Institute of Personnel Management (CIPM) further demonstrate his dedication and contribution to the field. Nilantha holds a Master’s Degree in Business Administration from the Postgraduate Institute of Management (PIM), University of Sri Jayewardenepura, and a Master’s Degree in Business Studies from the University of Colombo. Additionally, he is a Fellow Member of Chartered Institute of Personnel Management (CIPM) too.

Nilantha’s extensive experience and exposure to mergers and acquisitions significantly enhance his ability to provide impressive independent opinion to JFS, particularly in the coming years. As JFS has explicitly stated its intention to pursue several acquisitions in the future, Nilantha’s expertise in this domain becomes even more valuable. Moreover, his deep understanding of aligning human resources with the business requirements of an organisation further amplifies his value to the board.

Nilantha serves as the chairman of the Remuneration Committee and member of the committees namely; Related Party Transaction Committee and Remuneration Committee at JFS.

Completing the trio of exceptional directors is Nuwan Widyapathige, an accomplished business professional with a diverse range of experience spanning over 18 years. Having worked in diverse sectors, including Food Manufacturing, Retail E-Commerce, FMCG, Financial Services, and IT, Nuwan brings a wealth of knowledge to the table. Currently holding the position of Business Lead/General Manager leading the Food business at Hemas Holdings PLC, he has made significant contributions throughout his career, including successful strategic direction and restructuring initiatives. Nuwan’s educational background includes a Master of Business Administration from the Postgraduate Institute of Management (PIM) at the University of Jayawardenapura. He also holds a Bachelor of Commerce (Special) from the University of Kelaniya and has an Advanced Diploma in Management Accounting from CIMA.

Among Nuwan’s achievements are his remarkable contributions to brand management and marketing. He played a pivotal role in elevating the Softlogic Life brand to the Top 50 Most Valuable Brands in Sri Lanka and introduced the innovative motor insurance brand, Click2Claim, which experienced significant growth and won the prestigious Innovation of the Year award at the Asia Insurance Awards. Nuwan’s exceptional work in marketing and brand management has earned him several accolades, including the “Most Influential Global Marketing Leaders Listing” at the World Marketing Congress in Mumbai and “Asia’s Best Marketer” citation at CMO Asia Awards in Singapore. Some of the Brand development and building he led resulted in no of awards for those brand and campaigns including, “Best Campaign” at the World Advertising Research Centre Awards in New York 2018, “Silver Award” Global Smarties, New York 2017 , “Gold Award”APAC

Smarties, Singapore 2017, SLIM Brand Excellence “Service Brand of the Year”, Colombo 2019 and Effie Awards “Brand of the Year”, Colombo 2019

Nuwan is acting as a member of three committees at JFS; the Audit Committee, the Related Party Transaction Committee, and the Remuneration Committee, after his appointment to the board.

The appointment of these three outstanding Individuals with unblemished track record marks an exciting new chapter for JFS. With their combined expertise and impressive track records, JFS is well-positioned to continue its commitment towards Transparency, Compliance, Corporate Governance, and Sustainability which in turn will facilitate JFS to reach its short term goal of Billion Run; becoming a billion rupee company in equity by 2027. 

JFS Holdings Chairperson is Madhushan Raigamage having 69% share ownership. Chamalee serves the board as non-Executive non-Independent Director owing 30% of company shares. Balance 01% is owned by the employees of JFS.