Siyapatha Finance appoints Sumith Cumaranatunga Chairman

Tuesday, 18 February 2020 00:00 - - {{hitsCtrl.values.hits}}

Siyapatha Finance PLC, a leading financial organisation in Sri Lanka has announced the appointment of Palavinnege Sumith Cumaranatunga as Chairman effective 12 February. The appointment follows the retirement of Channa Palansuriya.

Sumith Cumaranatunga

Palavinnege Sumith Cumaranatunga has been an independent, Non-Executive Director of Siyapatha Finance since 30 October 2017. Presently, he is the Chairman of the Board Audit Committee, the Board Human Resources and Remuneration Committee and the Board Nomination Committee. He also served on other Board sub-committees from time to time and continues to do so.

Cumaranatunga was formerly Chairman and Managing Director of the David Pieris Group of Companies, where he served for over 30 years, 24 of which were as Director and two years prior to that as General Manager. He retired as Chairman on 31 March 2016, having joined as an accountant on 1 July 1985.

During his tenure, the organisation transformed from a relatively small business unit in a single location with a turnover of Rs. 43.3 million and a net profit of Rs. 311,000 in 1985-86, to one of the most profitable, professionally managed conglomerates in Sri Lanka, with a turnover of Rs. 86.2 billion and a net profit of Rs. 11.1 billion in 2015-16, and an islandwide reach and consistent track record of exceptional performance, successfully overcoming numerous challenges. The David Pieris Group of Companies was at the forefront of automotive, financial services, information technology and logistics businesses, with industry leadership in many spheres, breaching Rs. 10 billion in net profit thrice in five years from 2011-12 to 2015-16.

He also served as Chairman of Assetline Leasing Company from 12 October 2010 to 5 April 2015, during which the company was among the most profitable entities in the finance leasing industry. Presently, he serves as Chairman of Suvimie Associates Ltd., a company engaged in local retailing, global trading, manufacturing and plantations.

Cumaranatunga has been appointed a member of the University of Colombo’s Council with effect from 27 January. He is a Chartered Management Accountant (ACMA CGMA), a Certified Practising Accountant (CPA) and a Member of the Chartered Institute of Marketing (DipM MCIM).