Appointments & Executive Moves
View all(29)NDB Bank Commissions Deloitte for Forensic Probe into Fraud Incident 📈
National Development Bank PLC (NDB) has officially appointed Deloitte Touche Tohmatsu India LLP to conduct an independent forensic investigation into a recently identified fraudulent incident. The move follows corporate disclosures made on April 2 and April 6, 2026. • Regulatory Oversight: The probe is being conducted in close consultation with the Central Bank of Sri Lanka (CBSL) Director of Bank Supervision. In a significant move for transparency, Deloitte will report all interim updates and final findings directly to the CBSL. • Scope of Review: The investigation aims to identify the specific facts of the transactions and pinpoint any lapses in internal controls, governance, and oversight within the banking sector framework. • Stakeholder Assurance: This formal step is intended to provide clarity and maintain trust among shareholders, depositors, and the broader financial services industry.
## SriLankan Airlines Leadership Vacuum Amid Global Aviation Crisis ✈️
The national carrier faces a critical leadership deficit as regional instability and skyrocketing costs put the aviation sector under intense pressure. • Leadership Void: SriLankan Airlines (SLA) has been without a permanent CEO for nearly a year. The Chairmanship is also vacant following the recent resignation of Sarath Ganegoda. • Economic Pressures: Global conflict in the Middle East has triggered airspace closures and a surge in jet fuel prices by up to 195%, marking the industry's toughest period since the pandemic. • CEO Shortlist: The Government has narrowed down 200+ applications to a final shortlist of four candidates (three foreigners and one local). The selection awaits Cabinet approval. • Potential Chairmanship: Reports indicate 84-year-old Peter Hill, a former CEO during the Emirates management era, is being considered for the Chairman role. • Recent Performance: Despite leadership gaps, the airline recently secured a 16% haircut on SLA Bonds as part of its debt restructuring efforts. The absence of a permanent board and executive head is cited as a major hurdle in navigating the airline’s ongoing financial reforms and operational challenges.
Apple Names John Ternus as CEO to Lead AI-Driven Era 📈
• Leadership Transition: Longtime hardware chief John Ternus will succeed Tim Cook as CEO effective September 1. Ternus, a 25-year veteran, is credited with reviving the Mac and scaling iPads and AirPods. Cook moves to Executive Chairman. • The AI Challenge: The shift comes as Apple trails rivals like OpenAI. Ternus must integrate advanced AI into the iPhone to regain its "most valuable company" status, currently held by Nvidia. This impacts the global ICT/BPM landscape as Apple seeks to transform Siri into a functional "AI agent." • Supply Chain & Manufacturing: Tim Cook’s legacy includes a $3.6 trillion market value increase and a 20-fold stock surge. While Apple has expanded assembly to India and Vietnam, it remains heavily reliant on its China-centric supply chain, a critical factor for global electronics and logistics stability. • New Appointments: Johny Srouji, head of custom silicon, becomes Chief Hardware Officer, reinforcing Apple's focus on proprietary semiconductors and hardware engineering to compete in the AI age.
Janashakthi Insurance Strengthens Board with Strategic Appointments 📈
Janashakthi Insurance PLC has announced the appointment of Hasitha Leanage and Hugh Terry as Independent Non-Executive Directors, effective 20 April 2026. These appointments aim to bolster the Board’s expertise in life insurance, digital innovation, and global financial strategy. • New Board Appointments: Hasitha Leanage: A corporate finance and actuarial specialist with 15+ years of experience. He is a Director at Accede Capital and has extensive experience in capital markets, M&A, and solvency analysis across Sri Lanka and the UK. Hugh Terry: Founder and CEO of The Digital Insurer with 30+ years of global experience. Based in Singapore, he specializes in digital transformation and technology-driven change within the insurance sector. • Strategic Impact: The inclusion of these professionals reinforces Janashakthi’s focus on financial strategy and digital modernization. The move aligns with the company's goal to drive innovation and resilience in the local insurance sector. • Board Composition: Following these additions, the Board comprises 11 members, including Chairperson Annika Senanayake and CEO Ravi Liyanage. The appointments have been notified to the Insurance Regulatory Commission of Sri Lanka (IRCSL) for final approval.
⚡ New Energy Minister Appointed Amid Procurement Shake-up
Following the resignation of Kumara Jayakody, President Anura Kumara Dissanayake has appointed Anura Karunathilaka as the new Minister of Energy. This leadership change comes in response to allegations surrounding a coal procurement scam. • New Appointment: Anura Karunathilaka was sworn in at the Presidential Secretariat yesterday, assuming his new duties immediately. • Dual Portfolio: In addition to the Energy sector, Karunathilaka will maintain his current role as the Minister of Ports and Civil Aviation. • Context: The transition follows a period of scrutiny over transparency in the power & energy sector, specifically regarding fuel and coal supply chains critical to national stability. _Note: Appointment effective as of April 20, 2026._
Dialog Axiata Appoints Arjuna Herath to Board 📈
Dialog Axiata PLC has announced the appointment of Arjuna Herath as an Independent Non-Executive Director, effective 1 May 2026. The move aims to strengthen the company’s governance and digital strategy. • Expertise & Background: Herath brings a diverse portfolio across consulting, corporate finance, and regulatory governance. He is a Fellow Member and Past President of CA Sri Lanka. • Key Public Sector Roles: • Former Chairman of the Board of Investment (BOI) of Sri Lanka. • Inaugural Chair of the Sri Lanka Data Protection Authority. • Current Director of the Colombo Stock Exchange (CSE). • Private Sector Leadership: Previously served as Senior Partner and Head of Consulting at Ernst & Young (EY) Sri Lanka & Maldives. He also held roles at Ceylon Tobacco Company and Merchant Bank of Sri Lanka. • Strategic Impact: His appointment is expected to provide critical insights into the ICT/BPM and digital landscapes, particularly regarding regulatory compliance and institutional environments in Sri Lanka.
🏛️ Leadership Shift: SEC Chairmen Vying for Japura VC Post
• Current Developments: Applications have been called for the position of Vice Chancellor at the University of Sri Jayewardenepura, with 9 candidates reportedly in contention. • Key Candidates: High-profile applicants include the current Securities and Exchange Commission (SEC) Chairman and former SEC Chairman Professor Lalith Samarakoon. • Selection Process: • A total of 9 candidates are vying for the role. • A shortlist of 3 names will be finalized. • Final appointment will be made by President Anura Kumara Dissanayake. • Context: The potential move suggests a transition of leadership within Sri Lanka's capital markets regulatory body toward higher education administration. Based on reports as of April 20, 2026.
### Dhammika Fernando Re-elected FTZMA Chairman at 45th AGM 📈
The Free Trade Zone Manufacturers Association (FTZMA) held its 45th AGM, re-electing Dhammika Fernando as Chairman for the 2026/2027 term. The association, representing diverse foreign direct investors under the Board of Investment (BOI), called for urgent policy reforms to safeguard the export sector. • Leadership Team 2026/27: • Chairman: Dhammika Fernando (Tropical Findings Ltd) • General Secretary: M. H. Z. M. Marzook (Filotex Lanka Ltd) • Vice Chairmen: Fazal Abdeen (ATG Ceylon) and Nishantha Bakmeege (Screenline Holdings) • Treasurer: Manjula Mahadanaarchchi (Lalan Rubbers) • Strategic Focus: FTZMA emphasized its role in representing a wide industrial base, including apparel, rubber, electronics, and engineering. The chairman highlighted the association's critical impact on national employment, export revenue, and investor confidence. • Key Challenges & Demands: • External: Geopolitical tensions in West Asia and shifting US tariff measures are driving up costs and affecting global competitiveness. • Domestic: Exporters face bureaucratic delays and regulatory bottlenecks within the BOI system. • Requirements: Calls for policy consistency, faster approvals, and improved ease of doing business to maintain Sri Lanka's position in global value chains. • Stakeholder Support: The event saw participation from high-level government officials, the EDB, and diplomatic representatives from the US, India, and Japan, signaling the sector's importance to national economic stability.
⚖️ Union Bank Appoints Legal Expert Shaheeda Barrie to Board
Union Bank of Colombo PLC has announced the appointment of Shaheeda Barrie as an Independent Non-Executive Director, strengthening the bank’s governance with extensive expertise in financial regulation and banking law. • Professional Profile: A senior legal practitioner with over 25 years of experience, Barrie is an Attorney-at-Law (Sri Lanka) and a Barrister-at-Law (England & Wales). She previously served as Deputy Solicitor General at the Attorney General’s Department. • Regulatory Impact: She has played a pivotal role in legislative reforms involving the Central Bank of Sri Lanka, the Securities and Exchange Commission, and the Colombo Port City. Her background includes advisory roles for the World Bank, ADB, and IFC. • Current Roles: Beyond her new board seat, she heads her own chambers and serves as a Director of the Personal Data Protection Authority of Sri Lanka. 📈 This appointment aligns with a focus on board independence and robust regulatory compliance within Sri Lanka’s banking and finance sector.
🕊️ Legacy of Emerging Markets Pioneer Mark Mobius (1936–2026)
The investment world mourns the passing of Mark Mobius at age 89, a legendary figure who transformed global perspectives on frontier economies like Sri Lanka. • Impact on Emerging Markets: Known as the "Father of Emerging Markets," Mobius spent over 30 years at Franklin Templeton, where he pioneered one of the world's first funds dedicated to developing economies. • Connection to Sri Lanka: He was instrumental in directing global capital toward the Colombo Stock Exchange (CSE) and other frontier markets during periods when they were largely overlooked by institutional investors. • Investment Philosophy: Championed a "boots-on-the-ground" approach, traveling extensively to identify undervalued opportunities in Asia and Africa, helping to reframe the perceived risk-reward ratio for international portfolios. • Final Chapter: After leaving Franklin Templeton in 2018, he co-founded Mobius Capital Partners, maintaining a lifelong commitment to promoting growth in the world’s most dynamic economies. 📈 His death marks the end of an era for the global investment management and financial services sectors, leaving a legacy that remains deeply embedded in the growth story of frontier markets.
New Commissioner General Appointed for Registration of Persons 📜
• Executive Appointment: The Cabinet has approved the appointment of H.M.J.M. Herath, a Special Grade Officer of the Sri Lanka Administrative Service (SLAS), as the permanent Commissioner General of the Department of Registration of Persons. • Current Role: Herath transitions from his current position as the District Secretary and Government Agent of the Kegalle District. • Strategic Focus: A primary objective of this permanent appointment is to expedite the issuance of the Sri Lanka Digital Identity Card, a critical component of the national ICT and digital economy framework. • Administrative Context: The move aims to stabilize day-to-day operations, replacing the temporary acting arrangement held by an Additional Secretary. The proposal was submitted by President Anura Kumara Dissanayake in his capacity as Digital Economy Minister. 📈
Shiran Fernando Appointed CEO of Ceylon Chamber of Commerce 📈
The Ceylon Chamber of Commerce (CCC) has announced a leadership transition, appointing Shiran Fernando as Secretary General and CEO, effective 8 May 2026. He succeeds Buwanekabahu Perera following a three-year tenure focused on institutional strengthening. Key Appointments & Continuity: • Shiran Fernando (CEO-designate): Currently Chief Economic Policy Adviser and former Chief Economist. His appointment signals a focus on the policy and research agenda, ensuring continuity in economic diplomacy and national reform. • Buwanekabahu Perera (Outgoing CEO): Concludes a term marked by enhanced international engagement, including chairing the Indian Ocean Rim Association Business Forum (IORBF). • Alikie Perera (Deputy SG/COO): Remains in her role to provide operational stability and financial discipline, leveraging over three decades of institutional memory. Strategic Context: • The transition emphasizes governance and succession planning to maintain the Chamber’s role in shaping Sri Lanka's private-sector growth. • Ongoing focus remains on flagship platforms like the Sri Lanka Economic and Investment Summit (SLEIS) and the Best Corporate Citizens Awards. The CCC aims to leverage this "continuity with purpose" to support the evolving needs of the banking and financial sector and the broader national economy.