Stanley Jayawardena steps down for big shareholder
Ishara takes a place on LOLC Board

Mr. Ishara Nanayakkara has been appointed a director of the Lanka Orix Leasing Company Limited (LOLC) succeeding Mr. Stanley Jayawardena who had served the company from its inception in 1980.

Nanayakkara represents Ishara group of companies which now holds 23% of LOLC’s equity.

LOLC Chairman C. P. de Silva described Jayawardena stepping down as "an unprecedented act of magnanimity in the interest of the company which he had served for over 20 years".

He said that given Ishara’s equity holding and the fact that there were no vacancies on the board, Jayawardena decided to step down to make way for Nanayakkara.

Jayawardena is a respected senior businessman in the country who was the first Sri Lankan to become Chairman of Unilever here. No other Lankan has held that position since his tenure.

He has also served as Chairman of the Ceylon Chamber of Commerce, was the first Chairman of the SEC and an appointed member of the Monetary Board of the Central Bank of Sri Lanka.

He served LOLC as a non-executive director for a continuous period except for a break between September 1980 and March 1983 and was appointed Deputy Chairman of the company in July 1995.

Nanayakkara is the Managing Director of Ishara Traders, one of the largest importers of motor vehicles in the country.

C. P. de Silva said that Ishara has a well equipped workshop and LOLC will benefit from synergies between the two firms because much of LOLC’s business is in motor vehicles.

Nanayakkara who holds a diploma in business accounting from Melbourne worked for two years with Yamagin Corporation of Japan, the largest exporter of reconditioned motor vehicles from that country.

De Silva said that Nanayakkara is 29-years old and his entry into the LOLC board will give it an improved blend of youth and experience to guide its destinies in the future.