Renganathan steps down
Rajkumar Renganathan, after 12 years of service at the helm of
Citizens Development Business Finance PLC (CDB) will, in keeping with
the requirements of the Corporate Governance Direction of the Central
Bank, relinquished his position as Chairman of the entity which he
helped transform from virtually an unknown institution in 2001, to
establish it within the top ten financial institutions among the 38
financial institutions registered under the Finance Business Act.
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Rajkumar Renganathan |
A Fellow of the Institute of Chartered Accountants of Sri Lanka
Renganathan has been on the board of CDB since April 2000. He took over
the reins as Chairman of CDB in 2008, and steered the company to
establish it to its current grandeur during the decade of 2000 to 2011.
Under his stewardship, CDB's transformation from a small player in
2001 to a prominent dynamic player within the industry by 2011 has been
remarkable. From 2001 to 2011, CDB's total asset base has grown from
mere Rs 276 mn to Rs 14 bn. The annual revenue has grown from mere Rs 25
mn to around Rs 3 bn. Net assets which recorded a negative figure in
2001 have been converted to a positive of Rs 2 bn. From the loss making
status in 2001, CDB has continuously recorded growth in profitability
since 2004 and posted a net profit figure surpassing half a billion mark
for the financial year 2010/11. Along with Renganathan two other
long-standing Senior Directors namely Palitha Jayawardena and Thushara
Ranasinghe will also be stepping down from the board after serving on
the Board of CDB over a decade, complying with the Corporate Governance
Direction applicable for financial institutions registered under the
Finance Business Act.
Herschel Gunawardena, a Fellow member of the Chartered Institute of
Management Accountants (UK) will take over as the Chairman and will be a
Non Executive Director. Ranga Abeynayake, a Fellow member of Institute
of Chartered Accountants Sri Lanka who also holds an MBA from the
Postgraduate Institute of Management (PIM) and Joseph Jayewardene have
been appointed as Non Executive Directors, whilst Dave de Silva a
BSc.(Hon) in Business Administration from Sri Jayewardenepura University
and also a Member of the Chartered Institute of Management Accountants
(UK) has been appointed as an Independent Non Executive Director. |
