Teejay Lanka PLC, Sri Lanka’s largest textile manufacturer, has announced that business leader Ajit Gunewardene is to be appointed Chairman with effect from 17th February 2022, consequent to his appointment as an independent non-executive director of the Company on 1st February.
Gunewardene, a former Deputy Chairman of John Keells Holdings (JKH) and a former Chairman of Nations Trust Bank (NTB) and Union Assurance, will succeed Bill Lam, who resigns on 17th February, ending a 13-year stint at the helm of the Company.
Announcing the succession, Teejay Lanka said Gunewardene’s appointment is expected to be pivotal to the growth journey of the Company, which has already announced targets of becoming a US$ 300 million enterprise by 2023 and a US$ 500 million business in the longer term.
“His depth of multi-sector managerial experience, his renowned skills as a business strategist and innovator and his stellar record as brand builder will be of immense value to Teejay Lanka PLC, as it embarks on its next phase of growth,” the company said.
He is the Founder and Chairman of Bluestone Capital Ltd., a leading private equity investment company. He is the Founder Chairman of Digital Mobility Solutions Pvt Ltd., better known as ‘PickMe’ – the leading ride-hailing and delivery company in Sri Lanka, and Chairman of Fintrex Finance Ltd., a Central Bank of Sri Lanka registered non-bank financial institution. He is also a Council Member of the University of Colombo.
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Teejay Lanka was the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol, and is a public quoted company with 40 percent public ownership. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 percent stake. Pacific Textiles of Hong Kong whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 percent of Teejay Lanka.