 From 1990 until his retirement from the company in 2000 he served as its chairman, the first Sri Lankan to hold the position, overseeing a period of rapid growth and diversification.He has served as chairman of the Bank of Ceylon (2000–2002), the Ceylon Tobacco Company (2003–2008), the Securities and Exchange Commission (2000–2002), the Insurance Board of Sri Lanka, and the Ceylon Chamber of Commerce.In April 2000 Balendra was appointed as the first president of the Sri Lanka Institute of Directors.