Ravi sets stage for succession at Cargo Boat Development

Monday, 25 August 2014 00:00 - - {{hitsCtrl.values.hits}}

Business leader Ravi Thambiayah has set the stage for eventual succession at the family-controlled Cargo Boat Development Company Plc. Last week Ravi retired as the Managing Director of the company whilst retaining the Chairmanship. Daughter Niruja has been appointed as the new Managing Director whilst Mrs. Thambiayah has been appointed as Deputy Chairman. Both were previously serving on the Board as Directors. Family-held Lancaster Holdings Ltd. and Renuka Properties Ltd. own a 52% stake in real estate, property development and investment holding Cargo Boat Development, whilst Associated Electrical Corp holds 10.7% and J.B. Cocoshell holds 7.5%. Niruja Thambiayah holds a Bachelor of Arts in Industrial Economics from the University of Nottingham, UK and a Master in International Business from Monash University, Australia. She has also obtained a Certificate IV in Property Services from the Real Estate Institute of Victoria. She has worked at Asia Securities Ltd. for two years as an Investment Advisor and she has also worked at Monash University Australia in the office of the Deputy Vice Chancellor as a Project Officer. She was appointed to the Cargo Board Development Board on 6 July 2010. Niruja is one Thambiayah’s three daughters, the other two being Shibani and Arnila, who also serve Cargo Boat Development Board. In March 2010, Ravi appointed Shibani and Arnila as Joint Managing Directors of Renuka City Hotels Plc, and Renuka Hotels Ltd., whilst Niruja also serves on these boards. Following the changes the Board of Directors of Cargo Boat Development Company Plc comprises R.B. Thambiayah (Chairman), N.A. Thambiayah (Deputy Chairman), N.R. Thambiayah (Managing Director), Merrill J. Fernando, M.A. Jayawardena, S.R. Thambiyah, R.S. Tissanayagan, C.S. Wijeyeratne and A.L. Thambiayah.

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