Kudabalage takes over as new Group MD/CEO at Laugfs

Laugfs Gas PLC has appointed Piyadasa Kudabalage as the Group Managing Director/Group CEO with effect from May 25, 2020 as a part of a group management succession plan, the company revealed filing a disclosure in the Colombo Stock 
Exchange yesterday.

Immediate past Group Managing Director/Group CEO Thilak De Silva has been re-designated as Executive Deputy Chairman while W. K. H. Wegapitiya continues to serve as the Executive Chairman of the Group.

Both Wegapitiya and De Silva who are the majority shareholders of the Laugfs have been contemplating appointing an independent person for the top management of the group during the last few years following the completion of the restructuring process of the group.

“W. K. H. Wegapitiya and Thilak De Silva shall continue to play an executive role as aforesaid in order to ensure a seamless management transition,” the disclosure said.
Speaking to Mirror Business, De Silva noted that Kudabalage was the best person for the role among the many other candidates considered.

Kudabalage has an extensive career spanning well over 35 years both in the leading and reputable public and private sector organisations in a diverse landscape of businesses across, plantation management, insurance, banking & finance, leisure & hospitality, power & energy and industrial manufacture.

He had functioned as the Managing Director/Chief Executive Officer of Sri Lanka Insurance Corporation Ltd, Litro Gas Lanka Ltd. and Canwill Holdings (Pvt) Ltd (Hyatt Hotel Group).
He also served as Director at Peoples Bank and all its subsidiaries and Colombo Dockyard PLC.

Further, he served as the Chairman of Merchant Bank of Sri Lanka from January 2012 to September 2014.

Kudabalage is an alumnus of University of Kelaniya from where he was graduated in Business Administration and Management. 

In addition, he is a fellow member of the Institute of Chartered Accountants of Sri Lanka and also a fellow member of the Institute of Certified Management Accountants and the Institute of Chartered Professional Managers of Sri Lanka. 

“Kudabalage would contribute immensely with his treasure of knowledge, invaluable expertise and unparalleled skills acquired to ensure further development through the next phase of growth of Laugfs Group” the company stated.