Mr Jagath Jayasundara is the CEO at Abans Electricals PLC, bringing over two decades of comprehensive experience across multiple disciplines. With a solid foundation in engineering, accounting and management, he has cultivated a wealth of expertise in various areas including manufacturing, quality management, maintenance, research and development, and construction.
Having spent over 21 years in the industry, Jagath has honed his skills through hands-on experience and continuous professional development. His journey in senior management spans over 8 years, during which he has demonstrated exemplary leadership and strategic vision. With over five years of tenure as Chief Executive at Abans Electricals, he has successfully guided and directed operational aspects, driving organisational growth and success.
Jagath holds a Bachelor of Science degree in Engineering with Honours, specialising in product engineering, from the prestigious University of Peradeniya, Faculty of Engineering. Additionally, he earned a Master of Business Administration degree from the esteemed Postgraduate Institute of Management at the University of Sri Jayewardenepura in 2014. His academic achievements reflect his commitment to continuous learning and professional excellence.
As an Associate member of the Chartered Institute of Management Accountants, UK, Jagath brings a strategic financial perspective to his leadership role.
Appointed as the Chief Executive Officer of Abans Electricals PLC in October 2017, Jagath has played a pivotal role in steering the company towards greater heights of achievement. His leadership extends beyond Abans Electricals PLC, as he also serves as a Director of A B Manufacturing (Private) Limited, further showcasing his commitment to driving growth and innovation in the industry. Global CEO Magazine had a conversation with him recently.
We plan to upgrade locally manufactured products to match the standards of international brands, thereby increasing consumer benefits. Exploring export opportunities and positioning Sri Lanka as a manufacturing hub for select products will be a priority.
Q. Reflecting on the past financial year (2023-2024), what key experiences have shaped your leadership style, and what lessons have you learned that you find invaluable for navigating challenges in the business world?
The primary factor that significantly influenced my leadership style was, of course, the dynamic macro environmental conditions prevailing throughout the financial year 2023-2024. While this period showed improvement compared to the previous year, it was far from easy. Economic reforms aimed at stabilising the crisis, including changes to taxes, cost-recovery-based energy pricing, and efforts to safeguard financial sector stability, impacted not only Abans Electricals but also the entire private sector.
During the first half of the financial year 2023-2024, high exchange rates increased the costs of raw materials, while manufacturing costs spiked due to rising electricity and fuel expenses. The weakened economy, coupled with reduced consumer disposable income, further strained operations. Consumers prioritised essential purchases, causing non-essential industries to decline.
Fundamental economic weaknesses remain and some aspects of the economy, such as the quality of the labour market, have deteriorated due to a sharp increase in brain drain. Abans Electricals, as a supplier of electrical and electronic goods, requires a certain level of in-house technical skills, and we have seen our technical base erode significantly during the year. I firmly believe that human resources are the most valuable asset of any organization and given the prevalent human resource losses and other macro environmental challenges, leadership skills have become more important than ever.
In such a highly turbulent environment, leaders are required to make rational decisions faster, based on limited available information and assumptions, with a vision to foresee future uncertainty. Identifying emerging opportunities and adapting to changes swiftly have been critical. Maintaining close employee engagement and continuous communication has been vital to achieve corporate objectives. Overall, it is essential for leaders to see the broader picture and not focus solely on one aspect of business operations.
Q. As we enter the new financial year (2024-2025), what resolutions or strategic goals do you envision for your role as CEO and for the growth and development of your organisation?
In setting our strategic goals, it is imperative to understand the operating environment and market conditions. Despite experiencing shrinking demand in the electrical items and white goods sector, I believe in a proactive approach to innovation. Rather than limiting our product portfolio, we aim to enhance consumer value by incorporating green features into existing products, promoting energy conservation.
We plan to upgrade locally manufactured products to match the standards of international brands, thereby increasing consumer benefits. Exploring export opportunities and positioning Sri Lanka as a manufacturing hub for select products will be a priority. Backward integration strategies, focused on targeted and cost-effective approaches, will support our growth trajectory while bolstering domestic manufacturing.
A fundamental requirement in operationalising this strategy will be to build, or rebuild, a skilled technical workforce. Therefore, we will continue to recruit and invest in the skills development of our employees. Despite the challenges ahead, I am confident that by working as a team with a clear goal to pursue, we can overcome any obstacles that come our way in the new financial year.
