SKS Microfinance reappoints M Ramachandra Rao as its managing director, CEO

SKS Microfinance Ltd, the only listed micro lender in the country, on Thursday reappointed M Ramachandra Rao as its managing director and chief executive officer for a period of 5 years with effect from October 4.

SKS Microfinance Ltd informed the BSE that its board of directors has reappointed M R Rao as the company's MD and CEO "for a further period of 5 years (subject to review post 3 years) w.e.f. October 4, 2013".

SKS Microfinance also said, in a separate filing with bourses, that Ranjana Kumar, an independent director has tendered her resignation as director from the board of the company due to personal reasons and that the board has taken note of the resignation by passing a circular resolution as of date.

Meanwhile, shares in SKS Microfinance, on Thursday, ended at Rs 129.45 apiece on the BSE, down 0.50 per cent from the previous close.