Gurumani fired due to interpersonal issues: SKS chief Akula
SKS chief Vikram Akula said that CEO termination was not due to financial irregularities. He said that SKS will work closely with SEBI, RBI on regulation.
By Agencies |
MUMBAI: India's largest microlender, SKS Microfinance, recently fired its chief executive because of "interpersonal issues" with senior management, Executive Chairman Vikram Akula said on Tuesday.
The company, which raised over Rs 1,600 crore in an initial public offer in August, fired its Managing Director and CEO Suresh Gurumani last week.
The termination of the appointment comes within two months of the microfinance company clocking robust gains in its debut trade on the stock exchanges. A chartered accountant, Gurumani joined SKS as the CEO in November 2008 after a sting with Barclays.
Mr Akula founded SKS Microfinance in 1998. He demonstrated vision and grit; he had the ability to attract several private investors into the nascent and often-troubled sector—that gave SKS the capital for growth. He turned SKS into the country’s largest microfinancier.
The SKS board has some illustrious names: Pramod Bhasin, the CEO of Genpact, India’s largest BPO outfit; PH Ravikumar, the former managing director and CEO of National Commodities & Derivatives Exchange and now the head of Invent Assets Securitisation & Reconstruction; and Tarun Khanna, a professor at Harvard Business School.
SKS Microfinance on Friday told capital market regulator Securities and Exchange Board of India (Sebi) that its chief executive, Suresh Gurumani, was sacked due to a corporate tussle and differences within the board. Sebi had sought an explanation from the company on Mr Gurumani’s dismissal.
It received a non-banking finance company licence from the Reserve Bank of India in 2006. As of March 31, SKS had 6.78 million women borrowers and total disbursements of more than Rs 14,000 crore.
The company, which raised over Rs 1,600 crore in an initial public offer in August, fired its Managing Director and CEO Suresh Gurumani last week.
The termination of the appointment comes within two months of the microfinance company clocking robust gains in its debut trade on the stock exchanges. A chartered accountant, Gurumani joined SKS as the CEO in November 2008 after a sting with Barclays.
Mr Akula founded SKS Microfinance in 1998. He demonstrated vision and grit; he had the ability to attract several private investors into the nascent and often-troubled sector—that gave SKS the capital for growth. He turned SKS into the country’s largest microfinancier.
The SKS board has some illustrious names: Pramod Bhasin, the CEO of Genpact, India’s largest BPO outfit; PH Ravikumar, the former managing director and CEO of National Commodities & Derivatives Exchange and now the head of Invent Assets Securitisation & Reconstruction; and Tarun Khanna, a professor at Harvard Business School.
SKS Microfinance on Friday told capital market regulator Securities and Exchange Board of India (Sebi) that its chief executive, Suresh Gurumani, was sacked due to a corporate tussle and differences within the board. Sebi had sought an explanation from the company on Mr Gurumani’s dismissal.
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It received a non-banking finance company licence from the Reserve Bank of India in 2006. As of March 31, SKS had 6.78 million women borrowers and total disbursements of more than Rs 14,000 crore.
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