HDFC Bank’s K Venkatesh is set to join Spandana Sphoorty as it MD & CEO in a few weeks from now. Currently, he leads the microfinance business at India’s largest private bank. With the appointment of Venkatesh, it is expected to put an end to uncertainties on the leadership front at Spandhana Sphoorty brewing since April this year. On April 23, the company’s former MD & CEO, Shalabh Saxena announced his decision to step down with immediate effect to pursue opportunities outside Spandana Sphoorty. Ashish Damani, the then CFO was appointed as interim CEO.
The likely appointment of Venkatesh would also mark the second round of leadership change in the lender after its founder CEO, Padmaja Reddy stepped down in November 2021. Saxena and Damani, who were formerly with Bharat Financial Inclusion Limited (unit of IndusInd Bank) were roped in as CEO and CFO of Spandana immediately after Reddy’s exit.
Email sent to Spandana Sphoorty seeking confirmation on leadership change appointment remained unanswered till publishing the article. Venkatesh could not be immediately contacted.
Backed by Kedaara Capital, troubles at Spandana heightened in March FY25 quarter when it’s gross non-performing assets hit 5.63 percent. In May, Moneycontrol reported that a forensic audit may be underway the company to assess its cash position.
As of September 30, 2025, the lender’s loan book reduced to Rs 4,088 crore as against total assets of Rs 10,537 crore a year ago. The company’s stock price has corrected by over 120 percent in one year.
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