The board of Spandana Sphoorty Financial on Monday approved the appointment of Shalabh Saxena as managing director (MD) and chief executive officer (CEO) for five years beginning from the from date of joining.
Saxena at present is serving as the MD and CEO of Bharat Financial Inclusion. He has over 27 years of experience with various financial institutions, including Canara HSBC OBC Life Insurance and Standard Chartered Bank.
Spandana Sphoorty has also appointed Ashish Damani as the president and chief financial officer. It has appointed Abanti Mitra, an independent director with Spandana Sphoorty since 2011, as the non-executive chairperson of the board with immediate effect. Outgoing chairman Deepak Vaidya will continue to serve on the board as an independent director, the company said.
Spandana Sphoorty is yet to declare its July-September earnings due to recent change in management after founder Padmaja Gangireddy resigned.
Providing few earnings details for the quarter ended September, the company said its standalone collection efficiency stood at 105% in July-September and 113% for the month of September, including pre-payments, on an unaudited basis.
For November, till 16th, the company collected approximately Rs 400 crore on a standalone basis.