End of an era as veteran entrepreneur Hanif Yusoof to step down at Expolanka

Friday, 22 March 2024 00:32 - - {{hitsCtrl.values.hits}}

Hanif Yusoof

Expolanka Holdings, a titan in the Sri Lankan business landscape, has witnessed an extraordinary journey from its humble origins to becoming the largest market capitalised company in the country.

At the heart of this remarkable stride stands Hanif Yusoof, the c0-founder and CEO and more recently Global President, who has been widely credited for orchestrating Expo’s phenomenal success over the years.

Through his bold vision, unwavering determination, and relentless pursuit of excellence, Yusoof transformed ExpoLanka Holdings into a beacon of success and a symbol of corporate excellence in Sri Lanka and beyond. Aided by COVID-19 pandemic triggered dynamics including hikes in freight rates Expolanka had its magical year in FY22 posting a Rs. 85.5 billion pre-tax profit and Rs. 73 billion net profit on a revenue of Rs. 694 billion. Over 95% of this revenue has been derived from international operations, reflecting the global nature of its business model and portfolio.

As Expolanka Holdings prepares for a significant transition, with an EGM slated for 27 March, anticipation looms over the impending departure of Yusoof.

Nevertheless, industry experts speculate that the EGM will pass, paving the way for most minority shareholders to opt for the exit offer priced at a premium of Rs.185 per share.

Sources closer to the Yusoof family circle have disclosed that Hanif has already consented to accept the exit offer, relinquishing his current stake in the company amounting to 7.5%, while subsequently stepping down from his esteemed positions as Global President and CEO effective from 1 April 2024. This impending move marks the end of an era for Expolanka Holdings, as Yusoof’s leadership has been pivotal in shaping the company’s trajectory and cementing its position as a market leader.

Amidst speculations surrounding the succession plan, it has been rumoured that a Japanese national, affiliated with the parent company SG Holdings Global Pte. Ltd., will assume the reins of leadership at ExpoLanka Holdings. This transition signals a new chapter for the company, as it navigates through changing market dynamics and embraces fresh perspectives under new leadership.

As Expolanka embarks on this transformative journey, sources close to the senior management have expressed confidence in the succession plan, emphasising a seamless transition that ensures continuity and stability for the company.

In bidding farewell to its livewire, Expolanka not only acknowledges the departure of a remarkable leader but also celebrates the enduring legacy he leaves behind. His mark on the company resonates through every facet of its operations, from its unprecedented growth to its unwavering commitment to excellence and social responsibility. As Expolanka charts a new course under new leadership, it does so standing on the strong foundation laid by Yusoof, whose vision, passion, and dedication will continue to inspire generations to come, company sources emphasised.