Microfinance firm Spandana Sphoorty Financial Ltd. has announced the immediate resignation of its Managing Director and Chief Executive Officer, Shalabh Saxena on Wednesday, April 23. In the same meeting, the company’s Board of Directors and the Nomination and Remuneration Committee approved the appointment of Ashish Kumar Damani as interim CEO, effective the same day.

“We hereby inform you that Mr. Shalabh Saxena, Managing Director & Chief Executive Officer of the Company, has tendered his resignation on April 23, 2025, which is effective from today (i.e. April 23, 2025). Mr. Saxena will continue to assist the company during his notice period to enable a smooth transition,” the company said in a regulatory filing.

Saxena, who has helmed Spandana Sphoorty for over three years, stepped down to pursue new career opportunities. He will continue to support the company during his notice period to ensure a smooth leadership transition.

In his resignation letter to the board, Saxena expressed gratitude for the support he received throughout his tenure. “I have been with Spandana for over three years now. Over time, I have been nurturing this thought of pursuing opportunities outside the company, and I believe the time is now,” he wrote. “I would hence want to step down from my current position with the assurance of a smooth transition over my notice period. I would like to convey my gratitude for the support received from the branch staff, colleagues at the head office, the management team, board, lenders, and all other stakeholders during my association with the company,” Saxena added.

Damani, who has been serving as the company’s President and Chief Financial Officer since March 19, 2022, brings over 23 years of experience in the microfinance industry. Prior to joining Spandana, he held various key roles at Bharat Financial Inclusion Ltd, including that of CFO. During his tenure, Damani played a pivotal role in guiding the company through several sectoral challenges and spearheaded a ₹12,000 crore borrowing program before Bharat Financial’s merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune. Spandana Sphoorty Financial Ltd. has secured the 405th position in the 2024 edition of the Fortune 500 rankings.

Shares of Spandana Sphoorty Financial Ltd ended at ₹304.89, down 5.68% from the previous close of ₹323.24, on the NSE.