Business
Kasturi’s reign as Hemas GCEO ends in March 2024; who will replace her?
Hemas Chairman says he is sad to see her go, but respects her decision
Board initiates headhunting to identify a successor
By Sanath Nanayakkare
Hemas Holdings PLC, last week announced the resignation of Kasturi Chellaraja Wilson from her position as Group Chief Executive Officer (GCEO) with effect from 31st March 2024, and the talk of the town is; who could succeed Kasturi at the end of her dynamic reign to keep on Hemas steaming ahead as an operations powerhouse.
Sources familiar with the matter say, although the replacement decision is more than 5-months away, it’s never too early to be inquisitive on who will take on the position given how critical the role of Hemas GCEO is.
In a press communiqué on her resignation, Hemas Group said, ” Kasturi has been an integral part of the Hemas family for over two decades, having led several businesses within the Group before assuming the role of Group CEO. Since her appointment as Group CEO in October 2020, she has played a pivotal role in Hemas’ growth and success during her tenure. Under her leadership, Hemas transformed into a purpose-led organization, strengthening its market positions in Consumer, Healthcare, and Mobility over the past three years. Kasturi’s decision to resign comes as she takes on a new role with a global firm, overseeing diverse business interests and expansion plans in the Asia Pacific region. This unique opportunity allows her to operate on the international stage while continuing to fulfill her commitments in Sri Lanka. Following her resignation, Kasturi will maintain her association with Hemas Holdings PLC by serving on its Board as a Non-Executive Director.”
Meanwhile, Husein Esufally, Chairman of Hemas Holdings PLC said, “During her 21 years with Hemas, Kasturi has made an immense contribution to the company, none more so than during her tenure as Group CEO, where she led the company through multiple crises. While we are sad to see her go, we deeply appreciate Kasturi’s dedicated service to Hemas and understand and respect her decision.”
The chairman revealed that the Hemas Board has initiated a comprehensive search process to identify a successor who will build upon the company’s strong foundation and lead its growth agenda into the future.
“Further announcements regarding succession plans will be made in due course,” he said.
As per the arrangement, Kasturi will continue to serve as the Group CEO and lead the management team until 31st March 2024, ensuring stability and continuity during the transition period.In this backdrop, Hemas Holdings PLC reaffirmed its commitment to its ambitious plans for growth within core sectors, alongside a strategic focus on international expansion.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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