The shares of Spandana Sphoorty Financial jumped around 5.5 percent to its day's high on November 25 after the company announced the appointment of Venkatesh Krishnan as its Managing Director and CEO, effectively from November 27.
Earlier this month, Moneycontrol exclusively reported that HDFC Bank's Venkatesh Krishnan is set to join Spandana Sphoorty as its MD and CEO. He previously lead the microfinance business at India's largest private bank since 2018.
In an exchange filing released on November 25, Spandana Sphoorty said that Venkatesh Krishnan's appointment will be effective for a period of three years, starting from November 27 (Thursday).
"Venkatesh Krishnan is a highly accomplished Chartered Accountant with over 34 years of experience in financial services across leading institutions and diverse functions. He brings deep expertise in financial inclusion and rural banking," the company said.
Spandana added that Krishnan played a pivotal role in expanding the Self-Help Group business, earning HDFC Bank the 'Best Private Bank' award by MoRD in FY22 and FY23. "His deep sector expertise is further highlighted by his tenure as MD/CEO of IFMR Rural Channels and his role on the Board of MFIN currently. His career also includes leadership roles as Head of Branch Banking at HSBC and Chief Distribution Officer at L&T Insurance, where he gained extensive experience across assets, liabilities, and NBFC setup," the company added.
Krishnan's appointment comes after the company's former MD and CEO, Shalabh Saxena, in April 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.
"Ashish Kumar Damani, President & Chief Financial Officer of the Company who was earlier appointed as Interim Chief Executive Officer will continue in his role as President & Chief Financial Officer of the Company," the company added in its latest exchange filing.
Venkatesh's appointment would 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.
Spandana Sphoorty share price history:
Spandana Sphoorty shares jumped 5.5 percent to hit an intraday high of Rs 280 apiece. The stock then pared some gains to trade around 3 percent higher in the green at Rs 272.20 apiece.
Despite today's gains, the stock has fallen more than 2 percent in the past five days. The stock has however gained around 10 percent in the past one month, but is down over 13 percent in 2025 so far.
The company has a market capitalisation of Rs 1,931 crore.
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