Malinga Arsakularatne is an accomplished executive who has achieved great milestones through a diverse and enriching career. Since March 2020, he has been the Co-Owner and CEO of Acorn Group, a position that marks the culmination of years of experience across various industries.
Malinga’s journey began with a solid foundation in investment management and corporate finance. His early days as a Research Analyst at CKN Fund Management Co Ltd allowed him to sharpen his analytical skills. He then advanced to roles as a Fund Manager at Eagle NDB Fund Management Co Ltd and a Financial Analyst at Zurich Financial Services Australia. These positions not only broadened his expertise but also gave him international exposure and a deeper understanding of global financial markets.
In 2004, Malinga joined Hemas Holdings PLC as a Business Strategist. Over the years, he climbed the ranks to become the Director of Corporate Strategy and eventually the Group CFO. His tenure at Hemas, which spanned from May 2004 to March 2020, was marked by multiple leadership roles, including Executive Board Member of Hemas Holdings PLC, Managing Director of the Leisure Travel Aviation Group, and Group CFO. “My time as Managing Director of the Leisure Travel Aviation Group was particularly transformative,” Malinga recalls, noting how this role prepared him for his current responsibilities.
In March 2020, Malinga became the Co-Owner and CEO of Acorn Group through a management buyout of the travel and aviation businesses from his previous employer, Hemas Group. Today, Acorn Group boasts interests in leisure, travel & aviation, education, freight & logistics, and insurance broking. Malinga’s leadership style, shaped by his varied experiences, emphasizes strategic thinking, financial discipline, and a deep understanding of business dynamics. “These experiences have taught me the value of adaptability and continuous learning,” he says, underscoring the philosophy that guides him in leading his team with both vision and engagement.
Beyond his role at Acorn Group, Malinga serves on several boards, including hSenid Business Solutions PLC and Ifinity (Pvt) Ltd. His previous board roles have included positions at Union Assurance PLC, Serendib Hotels PLC, NDB Capital Holdings PLC, and Hemas Power PLC.
Malinga’s influence extends beyond corporate leadership; he has also made significant contributions to professional organizations. He is the Past President of CFA Sri Lanka and has served as a Board Member of CIMA Sri Lanka Division. Additionally, Malinga has shared his expertise through lecturing on various financial subjects for local and international academic and professional degree programs.
Strategic Growth and Tireless Commitment
Malinga’s background in investment management and corporate finance has been pivotal in steering Acorn Group’s business portfolio toward consistent performance. His expertise in these areas has allowed him to navigate the complexities of the business world with confidence. “Understanding the intricacies of investment management and corporate finance has been essential in making well-informed decisions that align with our long-term goals,” he says.
At Acorn Group, every strategy and decision goes hand in hand with risk-based planning and execution where we address the high-risk factors upfront. This disciplined approach is especially critical in the volatile travel and aviation sectors. Malinga’s emphasis on integrating financial rigor and risk assessments into the decision-making processes ensures that potential risks and opportunities are identified early on. “This allows us to respond proactively and maintain our competitive edge,” he shares.
Malinga’s extensive experience in financial management and corporate restructuring has been key in aligning Acorn Group with its growth agenda. His leadership has optimized the company’s capital structure, enhanced operational efficiencies, and explored innovative financing solutions to support expansion initiatives. By fostering a culture of continuous improvement and financial rigor, Malinga has effectively pursued strategic goals that strengthen the company’s position in the industry. “Adhering to these principles and continuously seeking new knowledge and insights allows us to adapt to the ever-changing landscape,” Malinga shares.
Acorn Group aspires to develop a regional network of leisure, travel, and aviation operations that is unmatched in service excellence and value creation. The company is dedicated to setting new standards in the industry by continuously enhancing service quality, ensuring that customers receive exceptional value. Since the management buyout in 2020, Acorn Group has not only evolved but also significantly expanded its regional footprint. Initially operating in Sri Lanka, Maldives, and Thailand, the company has extended its reach to six countries, including the UAE, Cambodia, and Bangladesh. This growth is a testament to Acorn Group’s commitment to broadening its horizons and tapping into new markets and destinations.
By fostering a culture of continuous improvement and leveraging the diverse experiences within the team, Acorn Group aims to build a network that creates superior value for all stakeholders. “It has been an inspiring journey, one of learning and adaptation,” Malinga reflects, underscoring his humility and relentless focus on delivering outstanding service and creating lasting value. The future of Acorn Group is bright, driven by a commitment to excellence and a vision that continues to evolve.
Navigating Challenges with Resilience and Strategic Vision
During Malinga’s tenure as CEO, he has faced a series of major challenges, each requiring a thoughtful and strategic response. One of the most significant challenges was managing the impact of global events, such as the COVID-19 pandemic, on Acorn Group’s operations. The aviation and travel sectors were particularly hard hit, and ensuring the safety and well-being of employees and customers while maintaining business continuity became a top priority.
“We implemented rigorous health and safety protocols, adapted our services to meet changing customer needs, and leveraged digital technologies to maintain engagement and communication with our stakeholders,” Malinga explains. The company also focused on cost-control measures and financial resilience, ensuring it could weather the downturn and emerge stronger on the other side.
The economic crisis in Sri Lanka added another layer of complexity to Acorn Group’s operations. With escalating interest rates, a depreciating currency, and tightening banking facilities, Malinga’s focus was on strengthening financial management practices, optimizing operational efficiencies, and diversifying revenue streams to mitigate risks. “Engaging in close dialogue with our stakeholders, ensuring transparency, and building trust during these turbulent times were crucial,” he notes. By prioritizing agility and resilience, the company successfully navigated the economic downturn and continued to provide value to its customers and partners.
Expanding into new markets brought its own set of challenges, including understanding local market dynamics, cultural differences, and establishing a brand presence. Malinga and his team conducted thorough market studies, built strong local partnerships, and invested in growth activities tailored to each new market. This approach helped Acorn Group to effectively position itself in unfamiliar territories.
Fostering a culture of continuous improvement has been another ongoing challenge. To address this, Malinga implemented training programs, encouraged open communication, and created platforms for employees to share ideas and collaborate on new solutions. By nurturing a supportive and inclusive work environment, Acorn Group has driven innovation and stayed ahead in a rapidly evolving industry.
These challenges highlighted the critical importance of resilience, adaptability, and proactive planning. Acorn Group’s core values — “We Think Boldly,” “We Lead Change,” “We Evolve with our Customers,” “We Thrive on Creativity,” “We Personalize Experiences,” and “We Keep Learning” — served as a compass during these difficult times. “These values guided us through obstacles, helping us remain focused on achieving our strategic goals and aspirations,” Malinga reflects.
A significant strategic initiative that has defined Malinga’s tenure as CEO is the expansion of Acorn Group’s regional footprint into new international locations. This initiative involved extending operations from Sri Lanka, Maldives, and Thailand to the UAE, Cambodia, and Bangladesh. “This expansion was crucial in positioning Acorn Group as a leading player in the regional travel and aviation sectors,” Malinga explains.
The decision-making process was a blend of analytical rigor and intuitive insight. Malinga and his team conducted market and geographical evaluations to identify regions with strong growth potential where Acorn Group’s services could add significant value. Engaging with local stakeholders, industry experts, and internal teams was vital to understanding the new markets and their dynamics.
Financial feasibility was another critical aspect, with thorough financial analyses and risk assessments ensuring that the expansion efforts were sustainable and aligned with Acorn Group’s long-term strategic goals. Throughout the process, the company emphasized maintaining its commitment to service excellence and value creation. “Our goal was not just to expand geographically but to enhance our service offerings and strengthen our brand presence in each new market,” Malinga notes.
This strategic initiative has been a milestone for Acorn Group, enabling the company to grow its footprint and better serve its customers across a wider region. It also reinforces the importance of strategic planning, collaboration, and financial prudence in driving sustainable growth and success.
Celebrating Milestones of Growth and Resilience
Malinga takes pride in several key achievements and milestones that have marked his leadership journey at Acorn Group. One of the most significant accomplishments has been the company’s successful expansion into new regional markets. Since the management buyout in 2020, Acorn Group has grown from operating in three countries—Sri Lanka, Maldives, and Thailand—to six, with the addition of the UAE, Cambodia, and Bangladesh. This expansion has not only broadened the company’s reach but also allowed it to better serve customers across a wider region.
Another notable achievement under Malinga’s leadership is the financial resilience and recovery of Acorn Group following the challenging conditions brought about by the COVID-19 pandemic. After two years of an extreme business downturn, Acorn has bounced back strongly, posting healthy earnings in the last two financial years. “This recovery is a testament to our team’s leadership, resilience, and dedication,” Malinga emphasizes. The company focused on cost-control measures, optimized operational efficiencies, and adapted business strategies to navigate volatile market conditions. The ability to rebound and achieve healthy earnings underscores the strength and agility of the organization.
Additionally, Malinga highlights the importance of fostering a strong corporate culture as one of Acorn Group’s most notable achievements. The company has implemented training and development programs, encouraged open communication, and created platforms for employees to share ideas and collaborate. This has resulted in a motivated and engaged workforce that drives Acorn’s success and creativity.
Cultivating a Culture of Excellence and Innovation
At Acorn Group, the culture and team are at the heart of what sets the company apart from the competition. Malinga emphasizes that fostering a culture of continuous learning, collaboration, and excellence is key to driving operational success. “Our employees are our greatest asset,” he states. By nurturing a motivated and skilled team, Acorn Group remains competitive and consistently delivers outstanding services.
Placing customers at the core of everything they do, Acorn strives to exceed expectations through personalized services and tailored solutions. The company’s deep understanding of customer needs, coupled with an ability to anticipate market trends, allows it to offer unique and customized travel experiences. This customer-centric approach has helped Acorn build strong relationships and foster loyalty, which is critical in the highly competitive aviation and travel industry.
The company’s strategic expansion into new regional markets has further strengthened its competitive position. By extending operations from Sri Lanka, Maldives, and Thailand to include the UAE, Cambodia, and Bangladesh, Acorn Group has broadened its reach and enhanced its service offerings. This expansion has allowed the company to tap into new customer bases and diversify its revenue streams, making Acorn more resilient and agile in the face of market fluctuations.
Malinga underscores that the ability to adapt to market changes while maintaining a relentless focus on delivering exceptional value to customers is rooted in Acorn’s unique strengths. Fostering a culture of innovation and professionalism within the rapidly evolving aviation and travel industries requires continuous effort and commitment.
“Continuous learning is the cornerstone of our approach,” Malinga explains. Acorn Group offers regular training programs, workshops, and opportunities for professional development to ensure the team stays abreast of the latest industry trends and technological advancements. This not only enhances their skills but also encourages a growth mindset, which is essential for driving progress.
Open communication is another critical element of Acorn’s culture. The company has created forums where employees can freely share ideas, feedback, and suggestions. This open dialogue helps identify new opportunities, address challenges promptly, and fosters a collaborative environment where everyone feels valued and heard. By promoting transparency and encouraging employees to voice their thoughts, Acorn taps into the collective intelligence of its team, leading to creative solutions and continuous improvement.
Professionalism is at the core of Acorn’s organizational values. High standards for performance, ethics, and accountability are clearly defined, and the leadership team leads by example to ensure these standards are consistently met. This commitment to professionalism is reflected in the quality of Acorn’s services and the trust the company builds with customers and partners.
Recognizing and rewarding contributions is also essential for sustaining Acorn’s culture. The company has implemented recognition programs to celebrate employees’ achievements and creative ideas. This approach boosts morale and motivates others to contribute their best. “By acknowledging efforts and successes, we reinforce the importance of continuous improvement and encourage a steady flow of new ideas,” Malinga shares.
The Power of Leadership in Driving Engagement and Success
Effective leadership is the cornerstone of employee engagement and organizational success. At the helm of Acorn Group, Malinga emphasizes that leadership shapes the vision, culture, and dynamics of an organization. A leader’s ability to inspire, motivate, and guide employees is crucial in creating a workforce that is both engaged and high-performing. The company’s leadership code— “We believe in Humility and Respect,” “We practice Candor with Empathy,” “We foster an Inclusive Culture,” and “We embrace Exemplary Behavior”—serves as a guiding light for the entire organization.
When leaders communicate a compelling vision, they provide employees with a sense of purpose and direction. This clarity aligns individual goals with organizational objectives, fostering a sense of belonging and commitment among team members. “When employees understand how their roles contribute to the bigger picture,” Malinga explains, “they are more likely to be engaged and motivated to achieve collective goals.”
Creating an environment where employees feel heard and valued is another key aspect of effective leadership. Open communication channels are vital, allowing for the free exchange of ideas, feedback, and concerns. This openness leads to innovative solutions and continuous improvement. Malinga highlights that “practicing candor with empathy ensures communication is honest yet considerate.” When employees feel their opinions matter and can openly communicate with leadership, their engagement naturally increases.
Understanding and addressing the needs, aspirations, and challenges of team members is essential for fostering a supportive and inclusive workplace. Leaders who demonstrate humility and respect, and who are approachable and responsive, build strong relationships and cultivate a positive work culture. Malinga notes that when employees feel cared for and supported, their job satisfaction and loyalty to the organization grow, leading to higher engagement and productivity.
Recognition plays a significant role in boosting morale and motivation. Leaders who acknowledge and celebrate the achievements and hard work of their team members foster a culture of excellence and mutual respect. Whether through formal recognition programs or informal acknowledgments, demonstrating appreciation for employees’ efforts encourages continued high performance.
Investing in training, mentorship, and career advancement is another hallmark of Acorn Group’s leadership approach. The company actively seeks to provide career development opportunities, with numerous success stories of staff who have risen through the ranks to leadership roles. “We have team members who joined as young executives and now head our large strategic business units,” Malinga shares. “Others have blossomed into leadership roles through regional exposures.” By promoting continuous learning and skill development, Acorn ensures its workforce remains agile and adaptable to changing market conditions. This empowerment leads to increased job satisfaction and engagement, as employees feel valued and see their careers progressing.
Leading by example is fundamental to Acorn’s leadership philosophy. When leaders demonstrate integrity, accountability, and a strong work ethic, they set a standard for the entire organization. This exemplary behavior inspires employees to uphold these values in their roles, creating a cohesive and aligned workforce. “Embracing exemplary behavior as part of our leadership code ensures these standards are consistently met and upheld,” Malinga emphasizes.
Into the Future of Travel
As the travel and aviation sectors evolve, certain key trends are emerging that will define their future. Acorn Group is committed to staying ahead of these changes, ensuring that it remains at the forefront of the industry while continuing to deliver exceptional value to its customers.
One of the most significant trends shaping the future is the increasing demand for sustainable travel. Modern travelers are becoming more environmentally conscious, actively seeking out eco-friendly options for their journeys. This shift in consumer behavior is pushing the aviation and travel industries to adopt more sustainable practices. Acorn Group is responding to this demand by stepping up its efforts in sustainable travel. Malinga points out, “We have started implementing long-term initiatives dedicated to promoting sustainable tourism practices and eco-conscious travel, ensuring that our operations align with the growing expectations of our customers.”
Digital transformation is another major trend revolutionizing the travel experience. Advances in technology are fundamentally changing how people plan, book, and experience their travels. From artificial intelligence and machine learning to blockchain and biometric authentication, these innovations are enhancing efficiency, security, and personalization within the industry. At Acorn, there’s a strong focus on technology and digitization to streamline operations, improve customer interactions, and offer tailored travel experiences. “By leveraging AI and data analytics,” Malinga explains, “we can better understand customer preferences and provide personalized recommendations and services.” This tech-driven approach ensures that Acorn stays ahead of the curve in delivering cutting-edge travel experiences.
The rise of remote work is also reshaping the travel landscape, particularly in the realm of business travel. With remote work becoming increasingly accepted, there is a growing trend towards blended travel, where business and leisure trips are combined. This shift presents new opportunities for the travel industry to cater to the unique needs of remote workers and digital nomads. Acorn Group is adapting its offerings to meet this evolving market, developing flexible travel packages and accommodations that cater to both business and leisure travelers.
In the wake of the COVID-19 pandemic, health and safety have become paramount considerations for travelers. Enhanced hygiene protocols, contactless services, and health screenings are now standard expectations in the industry. Acorn is committed to maintaining the highest standards of health and safety, with Malinga emphasizing that the company “prioritizes safety and cleanliness to provide a secure and comfortable travel experience for all our customers.”
Another critical trend shaping the future of travel is the increasing importance of data privacy and cybersecurity. As the industry becomes more reliant on digital technologies, protecting customer data and ensuring robust cybersecurity measures have become essential. Acorn Group is dedicated to safeguarding customer information, implementing stringent cybersecurity protocols to protect against emerging threats.
Finally, the globalization of travel and expansion into new markets continue to drive growth in the aviation and travel sectors. Emerging markets in Asia, Africa, and the Middle East offer significant opportunities for expansion. Acorn is strategically broadening its presence in these regions, tapping into new customer bases and diversifying its revenue streams. By establishing strong local partnerships and understanding regional market dynamics, the company is well-positioned to capitalize on these growth opportunities.
Essential Leadership Principles for the Travel and Aviation Sectors
In the ever-evolving landscape of the travel and aviation industries, certain principles stand out as crucial for aspiring leaders. Malinga offers valuable insights into what it takes to thrive and lead effectively in these dynamic fields.
First and foremost, continuous learning is indispensable. The travel and aviation sectors are in constant flux, driven by technological advancements, shifting market demands, and global events. Aspiring leaders must remain curious and dedicated to expanding their knowledge and skills. This means staying up-to-date with industry trends, attending relevant workshops and seminars, and seeking guidance from seasoned professionals. As Malinga emphasizes, “Being well-informed and adaptable allows you to anticipate changes and seize opportunities, which is crucial in our fast-paced industry.”
Fostering a culture of creativity and experimentation is another key to success. Leaders should encourage their teams to explore new ideas and technologies that enhance customer experiences, streamline operations, and boost efficiency. Innovation often requires taking calculated risks and challenging the status quo. Malinga notes, “Don’t be afraid to explore unconventional solutions. By creating an environment where creative thinking thrives, you can position your organization as an industry leader.”
Leading with integrity and empathy is essential for building trust and cultivating a positive organizational culture. Integrity involves being honest, ethical, and transparent in all actions and decisions. Leaders who demonstrate integrity earn the respect and trust of their teams, customers, and stakeholders. Empathy, on the other hand, is about understanding and addressing the needs and concerns of others. Malinga highlights that “Effective leadership is not just about achieving business goals; it’s about caring for the people who help you achieve them.” By leading with empathy, you can build strong relationships, motivate your team, and create a supportive work environment.
Prioritizing customer-centricity is another crucial aspect. In the travel and aviation industries, customer satisfaction is paramount. Leaders should focus on understanding and exceeding customer expectations, using data and feedback to continuously improve services and create memorable experiences. Malinga advises, “By placing the customer at the center of your strategies, you can build loyalty and differentiate your brand in a competitive market.”
Resilience and adaptability are also vital traits for leaders in these sectors. The travel and aviation industries are often unpredictable, facing challenges such as economic fluctuations, regulatory changes, and global crises. Resilient leaders stay calm under pressure, adapt swiftly to new circumstances, and guide their teams through uncertainty. Malinga emphasizes, “Develop a flexible mindset and be prepared to pivot your strategies as needed. This will help you navigate challenges and capitalize on emerging opportunities.”
Networking and building strong industry relationships are invaluable for opening doors to new opportunities and collaborations. Engaging with industry associations, attending conferences, and connecting with peers and experts can provide valuable insights, support, and growth opportunities. “Building a robust professional network can be a game-changer,” Malinga notes.
Finally, leading by example and inspiring your team is crucial. Your actions and attitude set the tone for your organization. Show dedication, passion, and a strong work ethic. Encourage your team to share their ideas and recognize their contributions. Malinga concludes, “By creating an inclusive and motivating work environment, you inspire your team to strive for excellence and drive the organization towards success.”
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