Sri Lanka Chevron unit says CEO resigned yesterday

ECONOMYNEXT – Chevron Lubricants Lanka Plc said Kishu Gomes, its long-serving chief executive had resigned yesterday, and has been replaced by an acting head.

Rochana Kauf, general manager of Chevron lubricants for Indonesia, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Thailand and Vietnam has been appointed acting chief executive, the firm said in a stock exchange filing.

The firm said Gomes had resigned "with immediate effect from 22 May," without elaborating.

Once a monopoly backed by government restriction on imports and then domestic packing, the firm had lost market share after consumer freedoms were expanded.

The firm had been lobbying against giving more freedoms to customers as the government planned to issue more import licences to give freedom to citizens.

The firms stock has taken a beating in the stock market in recent months.

The stock was quoted at 88.50 in intra-day trade on May 23, down from 167 rupees at the end of June 2017.  (Colombo/May23/2018)

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