Piyadasa Kudabalage appointed Group Managing Director/CEO of LAUGFS Holdings

Piyadasa Kudabalage has taken over as Group Managing Director/ CEO of LAUGFS Holdings Ltd with effect from May 21.

The company said in an announcement on Wednesday that Mr. Kudabalage will consequently oversee the operations of LAUGFS Holdings Ltd and all its subsidiaries and associates involved with multiple sectors of the economy.

W. K. H. Wegapitiya and Thilak de Silva will remain on the Board of Directors as the Executive Chairman and the Executive Deputy Chairman, respectively of the company with “the move coming as a part of the strategic transformation of the group of companies and mark the beginning of an exciting new chapter for this growing business conglomerate,” the statement said.

The appointment of Mr. Kudabalage also coincides with the watershed moment of the 25th anniversary of the company. It was grown from a small start-up in 1995 to a highly diversified large conglomerate, engaged with mid and downstream industry of LP Gas, modern trade, petroleum retailing, lubricant blending and distribution, generation of renewable energy, leisure & hospitality, emission testing, manufacture & export of solid tyres and several more sectors.

LAUGFS Holdings Ltd reported a turnover of Rs.65 billion for the year ended 31st March 2020 and it is one of the largest employers in the country with almost 4,000 members employed directly and its daily customer footprint is well over 60,000.

Commenting on the changes, Chairman Mr. Wegapitiya stated “We are pleased with the entry of Mr. Kudabalage to our strong congregation of professionals as their leader, and the new leadership to be provided by him will deliver great value and support to the several hundred thousands of our clients in the country as well as overseas”.

The statement said Mr. Kudabalage had an extensive career spanning well over 35 years both in the leading and reputable public and private sector organisations in a diverse landscape of businesses across, plantation management, insurance, banking and finance, leisure and hospitality, power and energy and industrial manufacture.