Hyderabad : Spandana Sphoorty Financial Limited (SSFL) (NSE: SPANDANA; BOM: 542759), India’s second-largest microfinance institution (MFI), announced today the change in its leadership structure, following the resignation of Ms. Padmaja Gangireddy, Founder & Managing Director. The Board of Directors met today and accepted the resignation of Ms. Padmaja Reddy with immediate effect. The Board took note of her contribution in founding the Company and taking it to the present level. The Board also wished her the best in her future endeavours.
The Board confirmed the hiring of an eminent industry veteran as its new Managing Director & Chief Executive Officer, and the constitution of a management committee to provide strategic direction to the business operations in the interim as part of the transition plan.
Mr. K. R. Kamath, former Chairman & Managing Director of Punjab National Bank and board member of Spandana, will chair the management committee, which also comprises two of longest-serving company board members Ms. Abanti Mitra and Mr. Kartikeya Kaji. The incumbent senior management team of Spandana, including the Chief Business Officer, Chief Risk Officer and Company Secretary will continue in their current roles, and manage the day-to-day operations of the company.
The newly hired incoming Managing Director & CEO of Spandana brings with him a wealth of experience across diverse financial services businesses, including leading one of India’s largest microfinance operations. He is currently serving his notice period at his current organization and is expected to join Spandana in the upcoming quarter. The Board has also further hired a new Chief Financial Officer, who will join the company at a similar time.
Earlier this year, Spandana became the second-largest MFI in India. It has an active customer base of approximately 25 lakh and significantly improved collection efficiency in addition to high asset quality and industry-leading capital adequacy ratio. Headquartered in Hyderabad, Spandana is present in 18 states across India with over 1,000 branches and an AuM of Rs. 7,390 Cr as of 30th June 2021.