Exodus of Non-Executive, Independent Directors at PC House

PC House Plc has seen an exodus of three Non Executive and two Non Executive Independent Directors in quick time.

The company yesterday announced the resignations of Mangala Boyagoda, M. Thilakasiri (both Non Executive) and Kuvera de Zoysa (Independent Non Executive) with effect from 31 August 2012, whilst last week the exits of Shanti Nadarajah (Independent Non Executive) from 16 August and Sarath Wikramanayake (Non Executive) from 24 August were announced.

For the three months ended on 30 June 2012, PC House Group suffered a 97% dip in after-tax profit to Rs. 1.78 million as revenue fell by 38% to Rs. 625 million in comparison to the first quarter of the previous financial year.

Following the exits, two new appointments were made to PC House Plc Board with effect from 13 August. They were Prasanna Wijesekara (Non-Executive Director) and R. Selvaraj (Non-Executive Independent Director).



Wijesekara is an Associate Member of the Institute of Chartered Accountants of Sri Lanka. He counts for over 14 years of experience in the field of accountancy and has worked in several reputed companies in Sri Lanka.

Selvaraj is an ex-senior banker who started his career from grass root level and rose to very senior level of leading private banks in Sri Lanka. He is an expert in risk and credit management and consumer banking. He also works as a resource person in banking studies attached to the Institute of Bankers. He counts more than 25 years of banking experience.

Following the recent changes, the Board of Directors of PC House Plc comprises S.H.M. Rishan (Chairman and CEO), S. Sharmila Rishan, M.A. Ikram, Prasanna L. Wijesekara and R. Selvaraj (Non Executive Independent Director).