National Development Bank PLC (NDB) has announced the resignation of Independent Non-Executive Director Shanil Fernando with effect from 27 April 2026, just four months after he joined the board of the Rs. 13.2 billion fraud-hit lender.
Fernando joined the NDB board in January 2026 and served on the bank’s digital sub-committee. NDB’s 2025 Annual Report had highlighted his expected contribution to “strategic priorities relating to security, resilience and innovation,” noting that the digital sub-committee anticipated benefiting from his “extensive expertise” in oversight of those focus areas.
Fernando is a founding member of Virtusa Corporation (NASDAQ: VRTU), the global technology consulting firm, where he held senior leadership roles including Chief Technology Officer and Vice President, managing engineering teams of more than 4,000 staff across multiple geographies.
He later co-founded Sysco Labs, the innovation arm of Fortune 100 food distributor Sysco (NYSE: SYY), where he led global engineering operations. He has also served as a board member of SLASSCOM and Secretary of the American Chamber of Commerce in Sri Lanka.
Daily FT reported the resignation but did not give a reason. The exit follows a series of governance changes at NDB since the cyber fraud surfaced earlier this year, including the appointment of Deloitte Touche Tohmatsu India for a forensic review and the auditor change from EY to KPMG for FY2026 under Banking Act direction limits on engagement tenure.
