News: Vikram Akula to step down from SKS Microfinance board

C-Suite

Vikram Akula to step down from SKS Microfinance board

SKS Microfinance, is all set to accept Vikram Akula’s resignation as the company's executive chairman, adding another chapter to months of rough-and-tumble in the micro-lender that saw its chief executive officer sacked amid mounting losses and plunging share prices. The one-time poster boy of microfinance and founder-chairman of SKS, India's largest microfinance institution, Vikram Akula is set to lose control over the company he founded in 1998. PH Ravikumar, an independent director on the board of SKS India, will become the non executive chairman of the country's largest micro finance company. Under the proposed agreement, Akula will continue as chairman till December 31 and following that he will be a consulting partner of SKS India to allow seamless transition of the management. Without an executive role Akula will have very little control over the company's operations, leaving him with only the stock options that the company has vested in him.

SKS Microfinance, is all set to accept Vikram Akula’s resignation as the company's executive chairman, adding another chapter to months of rough-and-tumble in the micro-lender that saw its chief executive officer sacked amid mounting losses and plunging share prices. The one-time poster boy of microfinance and founder-chairman of SKS, India's largest microfinance institution, Vikram Akula is set to lose control over the company he founded in 1998. PH Ravikumar, an independent director on the board of SKS India, will become the non executive chairman of the country's largest micro finance company. Under the proposed agreement, Akula will continue as chairman till December 31 and following that he will be a consulting partner of SKS India to allow seamless transition of the management. Without an executive role Akula will have very little control over the company's operations, leaving him with only the stock options that the company has vested in him.

Earlier in October 2010, the board sacked Suresh Gurnani, its CEO for two years and replaced him with MR Rao as the new MD and CEO for the next three years.

Source: The Economic Times

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Topics: C-Suite, #Updates

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