HYDERABAD: Owing to stakeholder pressure, Vikram Akula, founder of SKS Microfinance Ltd may soon step down as its chairman.Sources said Akula was likely to once again assume a non-executive role in the company he founded way back in 1998.“The issue has been under discussion for sometime.It is now understood that he (Vikram) is coming to terms with the board and investor’s demands to give up an active role in the company.He may not involve in day-to-day activities, which will be looked after by the current management,” a source told Express.He added that a board meeting would be held within the next 45 days and a resolution regarding this is likely to be passe.“They (board) are also contemplating options of elevating an existing board member to the role of a chairman.However, there will not be any change in the management and the current CEO and CFO would continue to run the company,” the source explained.When contacted, SKS, the country’s largest provider of small loans and the only listed micro finance institution in Asia, said there was no update and that Akula continues to head the company.Meanwhile, it is also learnt that the high-profile venture capitalist Vinod Khosla, who holds 5.86 per cent stake in SKS, is likely to visit India and Hyderabad to interact specifically with officials of SKS besides other MFIs he invested in.Interestingly, this is not the first time that Akula will be donning a non-executive role.Following the appointment of Suresh Gurumani as CEO in 2008, Akula had moved to the role of non-executive chairman. He even quit SKS in 2004 to join McKinsey & Co as a consultant.He however, returned to SKS in 2005.The source added that Akula had issues while working with Gurumani.“His working is considered too intrusive and he had issues while working with Gurumani too.And the entire Gurumani-sacking episode was poorly managed by him,” the source added.SKS had come under sharp focus last October with the unceremonious sacking of Gurumani.
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