One of the most recognizable names in Indian microfinance has decided to step down from his role as CEO. Vikram Akula, the visionary founder and leader of SKS Microfinance will step down.
Mr. Akula says that this change will allow him to focus on a new initiative – microinsurance. As MicroCapital reported earlier this year, SKS partnered with Bajaj Allianz Life Insurance Company to offer insurance products toclients. This announcement comes amid rapid growth in the company. Suresh Gurumani, Director, Barclays Bank, will take over as SKS Microfinance’s CEO. An official transition date was not given.
This event marks a point of evolution for the microfinance industry at large as entrepreneurs are now looking to the next big financial product to develop for their contstituencies. As microfinance becomes increasingly commoditized and regulated, risk-takers like Akula are now pushing the envelope further to find other services that are in need. TC-I wishes Akuka the best in his new endeavor(s).