Vikram Akula takes on Startegic Role at SKS Microfinance
Nov '2008
Hyderabad, November 12, 2008: SKS Microfinance announced today that Dr Vikram Akula, Founder  of SKS, will transition from the CEO role to a full-time Director on the Board as of December 2008. This new role will enable Akula to focus on steering the future strategy of the company. New strategic initiatives include enhancing its product portfolio to include a wider range of financial services like insurance, education and consumer loans as well as developing innovative technologies to reduce costs
Dr Akula founded SKS Microfinance in 1998 and helped it become the largest microfinance institution in the country with a membership base of 3.3 million across 18 Indian states.  "We are now innovating in terms of providing the full range of financial services, such as micro-insurance and even investment products.  We are also pioneering new technologies, such as mobile banking, that will help lower costs. This new role will enable me to have time to focus on these and other strategic areas," says Dr Akula.  
The company's day to day management will be led by Mr Suresh Gurumani from Barclays Bank who has been appointed the CEO of the company. Mr Gurumani is a banking veteran and has had significant stints with leading banks like Standard Chartered and Barclays with special focus on SME banking. In his recent assignment as Director, Consumer Banking at Barclays, Mr Gurumani has done pioneering work in mobile banking and consumer products.
Clarifying news reports about the sale of stake in the company to foreign equity players, Dr Akula has clarified that no existing stake in the company has been sold.  The new equity investor has been issued a fresh set of shares.