Founder of Hyderabad-based SKS Microfinance has been appointed as executive chairman of the company, said a company filing.
The posting will be effective from November 1 this year. The company’s board meeting held on Tuesday has passed resolutions to the effect, said a company filing with the National Stock Exchange.
Akula who was the founder of SKS Microfinance which raised huge funds in one of the largest public issues in the sector recently and was listed on the stock exchange on August 16.
SKS Microfinance has also announced the appointment of M R Rao, current Chief Operating Officer, as Deputy Chief Executive Officer with immediate effect. Suresh Gurumani will continue as the Managing Director and Chief Executive Officer of the company, said the filing.
SKS shares closed at Rs 1,260, down by 2.11 per cent on the NSE on Tusday.