Changing Guard

First Capital Group’s Chief Executive Ajith Devasurendra quit on Thursday, sparking off speculations that Singer (Sri Lanka) may pick up his stake. First Capital Group’s Chief Executive Ajith Devasurendra quit on Thursday, sparking off speculations that Singer (Sri Lanka) may pick up his stake. After nearly 20 years of successful partnership, Devasurendra said he is selling off his personal stake to pursue new avenues and forge alliances with other partners.

Devasurendra currently owns around 20 percent in First Capital Treasuries and 11 percent in First Capital Ltd. Singer (Sri Lanka) and its associates own around 50 percent of First Capital Ltd, while S A G Guruge owns 21 percent of First Capital Ltd.

His vacancy will be filled by Maninda Wickremasinghe, the present CEO/Managing Director of First Capital Asset Management Ltd.

Described his tenure as some of the best years of his life, Devasurendra says he quitting at a time when the company is on a firm footing.

He is denied speculations on plans to join businessman Ishara Nanayakkara and the LOLC Group. Nanayakkara incidentally, picked up FCL’s stockbroking arm – First Capital