Spandana Sphoorty Financial appoints new MD and CEO

Spandana Sphoorty Financial Limited has appointed a new CEO and managing director following the resignation of Padmaja Gangireddy, the company’s founder and managing director (MD).

The Hyderabad-based rural-focused non-banking financial company and a microfinance lender said that it has roped in an “eminent industry veteran” for the roles of managing director and CEO. However, it did not disclose the name of the person.

Spandana Sphoorty Financial stated: “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 company’s Board has also appointed a new Chief Financial Officer, who will join it at a similar time.

As part of the transition plan, Spandana Sphoorty Financial has created a management committee to give strategic direction to the business operations in the interim.

The committee will be chaired by KR Kamath, ex chairman and managing director of Punjab National Bank and board member of the company. Spandana Sphoorty Financial’s existing senior management team, which includes the Chief Business Officer, Company Secretary, and Chief Risk Officer will continue in their present roles, and handle its daily affairs.