John Keells Holdings’ Chairman Susantha Ratnayake has retired on December 31, 2018, making way for a new team to take over the reins at the country’s largest listed conglomerate, the Group’s succession plan revealed.
Ratnayake served as the Chairman of the company since 2006, and the succession plan has outlined that Krishan Balendra (a son of former JKH Chairman Kandiah Balendra) assumed office as the Chairman/CEO and Gihan Cooray as the Deputy Chairman/ Group Finance Director, with effect January 1, 2019.
In the last quarter of September 2018 JKH group revenue rose by 10% to Rs.32.57 billion for the period under review, the challenges the organization face came from the leisure sector owing to lower occupancies in its Colombo hotels sector, a common problem faced by 5-star hotels due to an over- supply of accommodation – and closure of some properties for refurbishing.
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