First Capital Holdings PLC Announces Strategic Board Appointments, Led by Rajendra Theagarajah as Chairman

First Capital Holdings PLC, a member of the Janashakthi Group, is pleased to announce key appointments to its Board of Directors, effective June 28, 2024. Veteran banker Rajendra Theagarajah has been appointed as the Chairman. Joining him are Inoshini Perera, Rachini Rajapaksa, and Dilendra Wimalasekere as new members of the Board.

The appointment of Rajendra Theagarajah follows the distinguished tenure of Nishan Fernando, who served as Chairman. Additionally, these new appointments come after the retirement of long-standing Independent Non-Executive Director Chandana de Silva. These individuals have been instrumental on the Board, shaping the vision, providing leadership, and offering guidance that enabled the company’s evolution into a prominent corporate entity in Sri Lanka, marked by exceptional growth.

Rajendra Theagarajah – Independent Non-Executive Director / Chairman

Rajendra Theagarajah is a Fellow Member of the Chartered Institute of Management Accountants, UK, a Fellow Member of the Institute of Chartered Accountants of Sri Lanka, and holds a Master of Business Administration from Cranfield School of Business, UK.

Rajendra has had a highly successful career in banking in both the United Kingdom and Sri Lanka. Over his 36-year career, he spent the last 16 years as the CEO of three licensed commercial banks in Sri Lanka, making significant contributions towards policy advocacy issues such as the Corporate Governance Framework for Banks, Basel III adoption, and Fair Value Accounting by Banks. During this period, he chaired the Sri Lanka Banks Association, the Asian Banks Association, and the Lanka Financial Services Bureau. He also served on the boards of the Sri Lanka Institute of Directors, LankaClear, and the Colombo Stock Exchange, and was Chairman of the Ceylon Chamber of Commerce from 2017 to 2019.

Rajendra Theagarajah currently holds the position of Independent Director of Carson Cumberbatch PLC and serves as the Chairman of Orient Finance PLC. In 2022, he received the title “Chairman Emeritus” of the Asian Banks Association for his outstanding contributions. He is a member of the Stakeholders Engagement Committee of the Central Bank of Sri Lanka. Rajendra is also a Senior Visiting Fellow of the Pathfinder Foundation, a leading think tank in Sri Lanka.

Inoshini Perera – Independent Non-Executive Director

Inoshini Perera brings a blend of international experience from the UK and Singapore, combined with local expertise. She holds a Master’s in Finance from the University of Cambridge, UK, and a BSc in Economics with First Class Honours from the London School of Economics and Political Science, UK. Her career spans various specialties, including Investment Banking, Management Consultancy, and Corporate Banking. She has served as Vice President in Mergers and Acquisitions advisory at Bank of America in the UK and held senior roles such as Associate Director at KPMG in Singapore and Standard Chartered Bank in Sri Lanka. Inoshini is currently an Independent Consultant and Board Director at Verité Research.

Rachini Rajapaksa – Independent Non-Executive Director

Rachini Rajapaksa, a Fellow Member of the Chartered Institute of Management Accountants, UK, and a Chartered Financial Analyst of the CFA Institute, USA, boasts over 30 years of experience in fund management and finance. Currently, Rachini serves as an Independent Non-Executive Director at Nations Trust Bank PLC, Sri Lanka Accounting and Auditing Standards Monitoring Board, Asset Machinery & Equipment (Pvt) Ltd, Asset Enterprises (Pvt) Ltd, and Lanka Bond House Ltd. She also acts as an Advisory Committee Member of the Tennyson & Vinitha Rodrigo Trust.

Rachini was a founding member of CFA Society Sri Lanka and one of the first female charterholders in the country. She served as the first female president of the Society and held various roles including Director over many years. She has contributed extensively to the CFA community, locally and internationally, including as an examination grader for the CFA Institute for two decades.

Rachini began her career at PricewaterhouseCoopers, Sri Lanka, and later worked as a Senior Fund Manager at Ceybank Asset Management Ltd. She also served as the Chief Financial Officer of IBM Sri Lanka & Bangladesh.

Dilendra Wimalasekere – Independent Non-Executive Director

Dilendra Wimalasekere is an entrepreneur with over 25 years of experience in building and running IT services and digital marketing businesses. He is the Founder of three Sri Lankan-based companies: Eureka Technology Partners, 24/7 Techies, and ReapDigital, all of which leverage technology to provide services globally. These companies have collectively supported over 70,000 consumers, 3,000 small businesses, and notable enterprises such as Google, Natixis, and Wolters Kluwer across 10 countries spanning 4 continents.

Since 2017, Dilendra has served as a mentor at the Google for Startups Accelerator program and as an Advisory Board member of SLAASCOM. He has also held roles as a past Board Director and Treasurer of the American Chamber of Commerce (AMCHAM). Dilendra holds a BA in Business Economics from the College of Wooster, USA, and completed the Birthing of Giants entrepreneur development programme at the Massachusetts Institute of Technology, USA.

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Speaking on the new appointments, Dilshan Wirasekara, MD/CEO of First Capital, stated, “I am delighted to welcome our new Chairman and Board of Directors. Their proven track record and diverse skill sets will be invaluable as we navigate the company’s future growth trajectory. I extend my deepest gratitude to our outgoing Chairman, Nishan Fernando, and the retiring Director Chandana de Silva, for their commitment and vision that have been pivotal to our remarkable success. On behalf of the entire First Capital family, I wish them all the very best.”

“I consider it a privilege to assume the role of Chairman at First Capital Holdings PLC. The organization is a distinguished market leader in the Sri Lankan capital market sphere, and I am committed to advancing its legacy of excellence. I am grateful for the opportunity to collaborate with such an energetic and experienced leadership team and a dedicated pool of employees. Together, we will realize First Capital’s strategic vision and achieve new levels of success”, expressed Rajendra Theagarajah, Chairman of First Capital.

With these appointments, The Board of Directors of First Capital Holdings PLC comprises Rajendra Theagarajah (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / Chief Executive Officer), Ramesh Schaffter, Kuda Herath, Inoshini Perera, Rachini Rajapaksa, and Dilendra Wimalasekere.

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