On Monday, October 4, Indian microfinance institution SKS Microfinance announced that its Deputy Chief Executive M.R. Rao would become chief executive and managing director for a three-year, replacing Suresh Gurumani. SKS Microfinance did not provide an explanation for the replacement.
According to the Indian Express newspaper website, the stock price of SKS fell six percent after the news was announced.
About SKS Microfinance:
SKS Microfinance is an Indian microlender that delivers microfinance products through a group lending model to impoverished women in India. It is a for-profit non-banking finance company which converted to a public limited company in May 2009 and launched an initial public offering on July 28, 2010. Equity investors include Quantum Hedge Fund, Sequoia Capital, Vinod Khosla, Small Industries Development Bank of India, Bajaj Allianz, Yatish Trading, Kismet Capital, Sandstone Capital, Silicon Valley Bank and Unitus. As of March 31, 2010, SKS Microfinance Private Limited reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 897 million, a gross loan portfolio of USD 653 million, a return on assets of 4.96 percent, a return on equity of 21.56 percent and 5.79 million active borrowers.
By Trevor Kwong, Research Assistant
Sources and Additional Resources:
[1] Source Article: The Wall Street Journal: SKS Microfinance Names New Chief:
http://online.wsj.com/article/SB10001424052748704631504575531481421055138.html
[2] Indian Express: SKS Microfin fires CEO, stock plunges:
http://www.indianexpress.com/news/sks-microfin-fires-ceo-stock-plunges/692411/1
[3] MicroCapital Universe: SKS Microfinance:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SKS+Microfinance
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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