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20 August, 2014 11:27 AM Source: Financial Times - Sri Lanka
Director Board.jpg

Abans Plc, a market leader in electronics and home appliances, recently restructured its Board of Directors for stronger corporate governance and streamlining operations with the introduction of two new independent directors on its Board.
In order to maintain a ratio of 30% of independent directors on the Board, P.N. Pestonjee, Clive Fernando and Allan Raffel voluntarily stepped down to make way for the new independent directors.
The Directorate of the company will now comprise Aban Pestonjee (Chairperson), Behman Pestonjee (Managing Director), Rusi Pestonjee, Saroshi Dubash, H. Embuldeniya and S.J. De S. Wijeyeratne (both Independent Non-Executive Directors).
The majority – the shareholders of Abans PLC – are the Pestonjee family who also have interests in engineering, automobiles and motor cycles, real estate development, travels and tours, facility and environment services, software development and information technology, shipping and logistics, advertising/printing and digital marketing, retailing of clothing and lifestyle goods, agriculture and McDonald’s restaurants, functioning as 23 independently-operating companies.
The newly appointed Managing Director Behman Pestonjee has been a Director of Abans Plc for nearly 30 years and is also a co-owner of family owned venture.
Behman’s driving force and expertise as a knowledgeable marketer has made Abans Plc achieve greater heights, rapid expansion and growth. The prosperity of the retail marketing sector and the brand development of the company are mostly due to the implementation of his ideas, according to Abans filing to the CSE.

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