Thursday Oct 02, 2025
Thursday Oct 02, 2025
Wednesday, 24 September 2025 00:14 - - {{hitsCtrl.values.hits}}
PMF Finance PLC has announced the resignation of Chandula Palitha Abeywickrema from the position of Chairman and Independent Non-Executive Director, effective 1 October 2025.
A statement from the company said that his departure marks the conclusion of a transformative chapter in the company’s history, during which PMF was restructured from a financially distressed entity to a stable and growing institution in Sri Lanka’s financial services sector.
Abeywickrema was appointed Chairman in 2019 at a time when the company was burdened by a significant loss of Rs. 93 million, an asset base of just Rs. 2.8 billion, and a severely eroded public image. Over the years, he played a pivotal role in leading a strategic restructuring process grounded in good governance, compliance, and financial discipline.
Under his leadership, the company reconstituted its Board of Directors with seasoned professionals and introduced robust internal controls, setting the foundation for financial recovery. PMF Finance PLC reported a remarkable compound annual growth rate (CAGR) of 38.09% in gross income from 2019 to 2025, with net interest income growing at 47.54% CAGR. Profitability saw a turnaround from a Rs. 93 million loss to a Rs. 322 million profit, while shareholder equity expanded from Rs. 143 million to over Rs. 3 billion.
Reflecting on his departure, Abeywickrema said: “My time at PMF was driven by the belief that sound leadership, discipline, and integrity can revive even the most distressed institutions. I am grateful to have worked alongside a board and team that shared this vision. As I step down, I do so with confidence that the company is well-positioned for its next phase of growth and impact.”
The Board of Directors and the Central Bank of Sri Lanka has also approved his resignation, alongside the resignations of three other Non-Executive Independent Directors: Joseph Travis Waas, Rohan Gerald Pandithakorralage, and Kaniska Lilantha Weerasinghe.
PMF Finance PLC has confirmed that these resignations are part of a planned leadership transition and that the company will continue to operate with a renewed focus on agility, governance, and stakeholder value creation.
