Spandana Sphoorty Financial Ltd. announced on Wednesday the resignation of Chief Executive Officer Shalabh Saxena and appointment of Chief Financial Officer Ashish Kumar Damani as the interim CEO.
While Saxena's resignation will be effective from Wednesday, he "will continue to assist the company during his notice period to enable a smooth transition", the company said in an exchange filing.
Saxena said that he had "been nurturing this thought of pursuing opportunities outside the company and I believe the time is now".
The microfinance institution's nomination and remuneration committee as well as its board on Wednesday approved Damani's appointment as the interim CEO with effect from Wednesday.
A 23-year veteran of the microfinance industry, Damani has been the company's president and CFO since March 19, 2022.
Before joining Spandana Sphoorty, he was the CFO of Bharat Financial Inclusion Ltd.
Damani is an alumnus of IIM-Ahmedabad, where he obtained his Accelerated General Management Programme, and Symbiosis-Pune, where he earned his Post Graduate Diploma in Business Administration.
Shares of Spandana Sphoorty closed 5.99% lower at Rs 305.2 apiece on the BSE, compared to a 0.65% advance in the benchmark Sensex. The Hyderabad-headquartered company filed the information after the stock markets had closed on Wednesday.
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