In a major leadership change, Spandana Sphoorty Financial has announced the resignation of its Managing Director and Chief Executive Officer, Mr. Shalabh Saxena, effective April 23, 2025. Saxena, who has been with the company for over three years, decided to step down to pursue other career opportunities. The company has assured stakeholders of a smooth leadership transition during his notice period.
Ashish Kumar Damani takes charge as interim CEO
Following Saxena’s resignation, the Nomination and Remuneration Committee and the Board of Directors have appointed Mr. Ashish Kumar Damani as the interim CEO of the company. Damani has been serving as the President and Chief Financial Officer of Spandana Sphoorty since March 2022. With more than 23 years of experience in the microfinance industry, Damani brings deep industry knowledge and leadership experience, having previously served as CFO of Bharat Financial Inclusion Ltd.
The company emphasized that this transition is in line with SEBI’s regulatory norms and was approved during the board meeting held on April 23, 2025.
What’s next for Spandana Sphoorty?
The company has reiterated its commitment to continuity and stability during this leadership shift. Market participants and stakeholders will closely watch Damani’s interim leadership, especially considering his track record in managing financial strategy during challenging industry phases.
FAQs
Why did Shalabh Saxena resign from Spandana Sphoorty?
He resigned to explore other career opportunities, as stated in his resignation letter.
Who is Ashish Kumar Damani?
He is the current interim CEO and was previously the President and CFO of Spandana Sphoorty. He has extensive experience in the microfinance industry.
Will this change affect the company’s operations?
The company has assured a smooth transition and continues to focus on stability and stakeholder value.
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