However, he is yet to be removed from the director board of the Corporation.
Sources at the State Enterprise Development Ministry say the other managing director Aruna Siriwardena and other directors have resigned at the request of subject minister Kabir Hashim in order to restructure the Corporation.
Bangsa Jayah had to be removed, as he had not resigned.
He is a brother-in-law of ex-finance minister Ravi Karunanayake, who appointed him to the position during the 100-day government.
After the general election, the Corporation was taken over by Hashim, but Bangsa Jayah did not resign.
Another MD was appointed, and after he resigned, Jayawardena was given the position.
The sources add that Hemaka Amarasuriya will remain as the chairman.