Tuesday, February 25th, 2014

Colombo, 24 Feb. 2014 – The Board of Directors of Colombo Dockyard PLC (CDL) announced today that Mangala P.B. Yapa, the incumbent Managing Director/ CEO of the company, is to retire from his services at the forthcoming annual general meeting in April 2014. Retirement of Mr. Yapa will bring to end an outstanding career of nearly 30 years in numerous roles at Colombo Dockyard. Ranil Wijegunawardena, present General Manager (Finance) will be assuming duties as the new Managing Director/CEO at this juncture

“Mr. Yapa’s dedicated leadership and tireless enthusiasm has been an integral part of making Colombo Dockyard the brand it is today. Since he took on the role of CEO/MD a decade ago, Colombo Dockyard has become one of South Asia’s most recognized ship repair and building entities, competing with global companies and has been recognized as Sri Lanka’s leading engineering entity, contributing well over 1.2% of country’s export turnover, winning many awards and accolades for number of years.” said Akihiko NAKAUCHI, Chairman, Colombo Dockyard PLC. “He leaves behind a legacy of professionalism and commitment and his absence will be felt by all of us at Dockyard.”

Yapa joined the company in 1984 as a trainee engineer upon his graduation with a Masters degree in naval architecture (ship building) from Astrakhan Technical University, Russia. Later he has completed his Masters degree in Business Management form the Postgraduate Institute of Management (PIM). He has held several senior managerial positions within Colombo Dockyard and was appointed to the Board of Directors as the Managing Director/ CEO in April 2004. During his tenure as MD/CEO, the Colombo Dockyard was recognized as one of South Asia’s premier ship repair and ship building entities, with an unprecedented performance financially and otherwise. The company has ventured into international markets, and established itself within a niche market with long-term plans for sustainable development.

“There is never a right time for such transitions, but now is the time. It comes at an important point in the Dockyard journey, in line with the company’s management philosophy and long-term succession plan. I feel privileged and thankful to have been a part of, and lead such a remarkable company,” said Yapa. “We have a solid expert knowledge base, committed and hardworking employees and numerous long-term satisfied clients and I am confident that Ranil Wijegunawardane is the right candidate to drive the company forward, and further consolidate its position in the market through enhanced competitiveness and productivity.”

The succeeding MD/CEO, Ranil Wijegunawardane is a Fellow Chartered Accountant (FCA), Fellow Member of Certified Management Accountant (FCMA), and holds Postgraduate Diploma in Management, Sri Jayawardanepura (PDM, Sri J.) and Diploma in Treasury Investment and Risk Management of Institute of Bankers of Sri Lanka (IBSL). He has been a long-standing member of the company’s senior management team, working alongside Yapa and the engineering team.