Aug 01, 2018 (LBO) – Chairman of the Ceylon Tobacco Company, Susantha Ratnayake has retired from the company with effect from yesterday after the completion of his term of five years as the Chairman and six years as a Non-Executive Independent Director.
“During his tenure as a Director and Chairman of the Board, the Company as well as the Board immensely benefitted from Mr. Ratnayake’s vast experience as one of the most respected business leaders in the country,” the company said.
“The Board will appoint a new Chairman at the next Board meeting scheduled to be held on the 7 August 2018 and the Company will make an announcement accordingly.”
After Ratnayake’s retirement, the composition of the Board of Directors is as follows;
• Michael Koest — CEO/Managing Director
• Emma Ridley — Finance Director
• Anil Tittawella — Non-Executive Director
• Yudhishtran Kanagasabai —Non-Executive Director
• Javed Iqbal — Non-Executive Director
• Ken Allen — Non-Executive Director
Meanwhile, the excise duty on cigarettes has been raised from midnight last night, the Finance Ministry said.
Accordingly, the excise duty on cigarettes has been increased by 3.80 per stick and as a result, the price of a cigarette has been increased by 5 rupees from today.