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Hemaka Amarasuriya to retire from Singer after long career

Mr. Hemaka Amarasuriya, Chairman/CEO of Singer Sri Lanka PLC and its subsidiaries is expected to announce his retirement from the group in the short term but will continue his association with Singer in a non-executive capacity, well informed business circles said.

Amarasuriya, who has had a long career of nearly 40 years with Singer, was non-committal saying material changes in any quoted company must be first communicated to the stock exchange and he was not free to comment.

``If we do have something to say, we will make a formal notification to the CSE,’’ he explained.

According to sources it is likely that a fellow Lankan, now working for Singer overseas, will succeed Amarasuriya as CEO.

The outgoing CEO who is a professional accountant oversaw Singer, present in Sri Lanka for over a century, transforming itself into a quoted company with Lankan shareholders but a foreign parent and develop from a solely trading entity into a manufacturing operation as well.

``Singer has done very well in recent decades and I did nicely out of a small investment in the company when it was first quoted,’’ a shareholder said. ``It has been generous in its dividend payment policies and has also shared its growth with investors with bonus share issues in the past.’’

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