Changes in micro finance dynamics led to leadership change

Microfinance SKS Microfinance your listing changed within two months dynamics, "Microfinance in space planned foray into new players and secured loans from the competition entailing a change in leadership in view of Mr Vikram Akula, founder and president of the accounts affected.

However, insiders said the leadership change, the Managing Director and Chief Executive Officer Mr Suresh Gurumani services were terminated on October 4 by the Board to trigger non-executive chairman, Mr. Akula situation has changed for the Executive Chairman of the Board meeting was held on September 7.

In his capacity as Executive Chairman, Mr. Akula of SKS steering will play a more active role. It might say industry watchers, MD and CEO cramp operational independence.

Board Meeting

Board meeting held on July 16, former managing director and CEO bonus and salary increase approved. However, the Board meeting held on September 27, he was, surprisingly, asked to leave. Board Mr. Gurumani a severance package, which was apparently not to his liking was offered.

Mr. Akula said at a press conference held here by Mr. Gurumani services end of the board and senior management SKS between the latter was due to interpersonal issues. Two SKS board members - Mr. Sumir Chadha, MD, Sequoia Capital, India and Mr. Paresh Patel, CEO, Sandstone Capital - Mr. Akula certified for the position.

Successful IPO

Mr. Gurumani SKS ran through a successful IPO. Against the issue price of Rs 985 per share, as the SKS stock closed at Rs 1274.70 on Tuesday, 30 percent appreciation.

Mr. MR Rao, Deputy Chief Executive Officer, and 4 October was elevated to the MD, CEO of SKS. The fourth and the last 12 years is the Managing Director CEO of SKS. Mr. Gurumani SKS as non-executive director on the board continues.

"The next phase of growth '

Insist that the services of Mr. Gurumani services were not finished because of financial irregularities or corporate malfeasance, Mr. Akula said, "We want to enter the next stage of development. We are rolling out micro-loans secured by housing and gold loans want to enter are. Board believed that Mr. Rao, the trenches have been leading our operations, and financial inclusion space nearly two decades of experience with me, better placed to ensure future growth. "

EGM

Mr. Gurumani ousted from the board, shareholders will need to request an extraordinary general meeting, a board member said.