Spandana Sphoorty - Management, Operational Stability A Key Monitorable: ICICI Securities
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ICICI Securities Report
While Spandana Sphoorty Financial Ltd.'s core operating performance is showing improving trend, the series of events occurred during past two months like Managing Director and Chief Executive Officer resigning, transfer of holding company IT system to new vendor, ongoing evaluation to streamline compensation structures and Covid-19 led uncertainties, disrupted the business momentum.
However, board had proactively took two steps –
constituted a management committee (with long serving directors) to provide strategic direction and
set-up an interim management team by on-boarding two industry veterans namely Mr Nitin Agarwal – Interim CEO and Mr Amit Mittal – Interim Chief Financial Officer.
Further, Spandana Sphoorty's board has already identified suitable candidate for full-time MD and CEO post and actively the process is going on.
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