Mohan gets longer innings as Hayleys Chairman

Monday, 16 June 2014 00:49 - - {{hitsCtrl.values.hits}}

Longstanding Mohan Pandithage has got an additional five years to serve as Chairman of diversified blue chip Hayleys Plc. His term was on until May 2016 but the Hayleys Board last week extended it by a further five years from May 2016. He was appointed Chairman in July 2009. The extension comes along with the appointment of biggest shareholder Dhammika Perera as Non Executive Co-Chairman. For this new post Hayleys will be amending its Articles of Association.

Dhammika, who owns a 46% stake in Hayleys, was the Non-Executive Deputy Chairman. The post of Co-Chairman is new to Sri Lanka but prevalent in several parts of the world. Sources close to Dhammika said for example world famous gaming mogul James Packer is the Non-Executive Co-Chairman of the Hong Kong-listed Melco Crown Entertainment Ltd. Hayleys in FY14 reported its best-ever financial results. Pre-tax profit rose by 3% to Rs. 5.1 billion and revenue rose by 8% to Rs. 80.5 billion. Pandithage joined the Hayleys Group in 1969 and was appointed to the Board in 1998 and as Chairman and CEO in July 2009. He is a Fellow member of the Chartered Institute of Logistics and Transport. He serves as the Honorary Consul of United Mexican States (Mexico) to Sri Lanka.