Thursday, 7 November 2013 00:24
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As part of a managed succession plan, Hemas Holdings PLC yesterday announced a transformation of its Board and Chief Executive, with Husein Esufally as Chairman and Steven Enderby as Group CEO.
Esufally succeeded Lalith de Mel who retired after serving the company for over a decade. Until 1 April, Esufally continued to be Chief Executive.
As a precursor to the Group CEO post and to ensure smooth transition, Enderby has been appointed to the Hemas Holdings Board with immediate effect and will play the role of Deputy CEO. Hemas has also appointed the Group Chief Financial Officer Malinga Arsakularatne to the Board.
During the interim period the current CEO Husein Esufally will take on the dual role of CEO and Chairman until 31 March 2014. Thereafter, he will play the role of Non-Executive Chairman, providing continuity and support to the incoming CEO
Commenting on his decision to retire, Deshamanya Lalith De Mel said: “It has been a privilege to provide leadership to the Board of one of the most respected business conglomerates in Sri Lanka. The road map I had envisioned for the Hemas Group focusing on governance and profitable business growth has largely been achieved. I feel content that during my tenure we saw a noteworthy set of achievements by the Hemas Group.”
“Deshamanya Lalith De Mel has contributed immensely to building a foundation of governance at Hemas, guiding us with his rich wisdom throughout the last decade. I too have completed a long tenure as Group CEO of Hemas and feel that the time is right for an infusion of new ideas and a proactive change of guard in this pivotal position,” said current CEO Husein Esufally.
He further stated: “Given the tremendous opportunities in Sri Lanka and in the region, the Board decided that the time was opportune to accelerate our leadership transformation, with the major shareholders playing a value adding governance role whilst allowing professional management to lead the business. Consequent to this, I am confident that the winning combination of a CEO who has wide global experience, coupled with a dynamic leadership team, will transform Hemas into an even more ambitious, agile and performance centric organisation which continues to exemplify Hemas values in everything we do.”
CEO designate Steven Enderby’s global experience spans across four continents over a period of three decades. His experience through globally-renowned firms such as CDC Capital Partners and Actis has given him exposure to multiple business sectors and corporate environments. He worked for five years in Colombo in the late ’90s and has been closely involved in the Sri Lankan business environment over the last 17 years, including serving as Director of John Keells Holdings, National Development Bank, Lion Brewery and Millennium Information Technologies.
“I am honoured to be appointed as CEO designate in one of the largest diversified conglomerates in Sri Lanka. Having joined Hemas earlier this year, I have been able to acquaint well with the Group’s unique culture. The Board has entrusted me to carry out an ambitious growth plan and I look forward to working closely with the outstanding team of professionals at Hemas and continuing the great work that makes Hemas a challenging, rewarding and successful place to work,” said CEO designate Enderby.
Hemas Group will complete its 65th year of operations this financial year and the group has remained relevant and successful due to its ability to reinvent itself periodically. Over the last three decades, the group has proactively transformed itself to match the business context and its ambition.
In the early ’90s, the company transformed itself from an unstructured firm with several divisions into a parent company (Hemas Holdings) with independent businesses. This paved the way for greater empowerment of management and better accountability which in turn led to a period of exponential growth.
Yet again, in 2003, the promoters decided that the time was right to go public, which Hemas did with one of the most successful IPOs to date. This transformation of a family company to a public listed company with an independent Board and strong governance systems provided the framework for Hemas’ rapid growth, especially in the early years following its listing.
The current transformation initiative in 2013 is a continuation of Hemas Group’s philosophy to proactively reinvent and rejuvenate itself to maintain its leadership position in each of its businesses with the highest standards of governance.
