Spandana Sphoorty looks to steady ship after over 4 months of uncertainty

After over four months of uncertainty, troubled microfinance institution (MFI) Spandana Sphoorty Financial (SSFL) is looking for stability and growth with full-time chief executive officer (CEO) and chief financial officer (CFO) coming on board over the weekend.
 

The MFI, backed by private equity fund Kedaara Capital, experienced a jolt in November 2021 after Padmaja Reddy, founder and managing director (MD), quit abruptly. 
 

Also, many exits from the information technology team adversely affected operations.
 

Shalabh Saxena has joined as MD and CEO and Ashish Damani as president and CFO of the MFI, SSFL informed BSE.

However, these appointments were not without hick-ups.