2 weeks Ago
Microfinance firm Spandana Sphoorty Financial Limited on Wednesday (April 23) announced the resignation of its managing director and chief executive officer, Shalabh Saxena, effective immediately. "..
.we hereby inform you that Mr. Shalabh Saxena, Managing Director & Chief Executive Officer of the Company, has tendered his resignation on April 23, 2025, which is effective from today (i.
e. April 23, 2025). Mr.
Saxena will continue to assist the company during his notice period to enable a smooth transition," Spandana Sphoorty said in a regulatory filing. Saxena, who has led the microfinance firm for over three years, stepped down to pursue other career opportunities. He will continue to support the company during his notice period to ensure a smooth leadership transition.
In the same meeting, the company's board of directors and Nomination and Remuneration Committee approved the appointment of Ashish Kumar Damani as interim CEO, also effective April 23. Damani currently serves as Spandana’s president and chief financial officer. Also Read: ICRA revises Spandana Sphoorty outlook, citing asset quality concerns Damani has over 23 years of experience in the microfinance industry.
Before joining Spandana in March 2022, he held various roles at Bharat Financial Inclusion Ltd, including that of CFO. He played a key role in guiding the company through sectoral challenges and led a borrowing programme of ₹12,000 crore prior to Bharat Financial's merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune.
In his resignation letter addressed to the board, Saxena expressed gratitude for the support he received from colleagues, lenders, and stakeholders. "I have been nurturing this thought of pursuing opportunities outside the company, and I believe the time is now," he wrote. Also Read: Spandana Sphoorty in the red, posts Q3 loss of ₹394 crore; asset quality weakens Shares of Spandana Sphoorty Financial Ltd ended at ₹305.
20, down by ₹19.45, or 5.99%, on the BSE.
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