The founder of SKS Microfinance, Vikram Akula has stepped down from the position of non-executive chairperson and as a member of the board of the company.

He will be replaced by Puranam Hayagreeva Ravikumar, however, Mr. Akula will continue to be a consultant with the company until the end of March 2012 to assist with transition, according to a press release of the company.

M. R. Rao, managing director & CEO of SKS, said int eh company release that, "Vikram's entrepreneurial vision has been the foundation for SKS. We wish him success in his future endeavours." Many were expecting the outcome to come from the company's board meeting on November 23 in Mumbai.

Mr. PH Ravi Kumar said that Mr. Akula is passionate about microfinance but the company is not only a microfinance company and has to expand. He added that decision to leave was taken by Mr. Akula himself and its time for the company to move forward.

The company wants to be in the financial inclusion sector, which is delivery of financial services at affordable costs to sections of disadvantaged and low income segments of society. Mr Ravi Kumar is the former CEO of commodity exchange NCDEX and has been on the board of SKS Micro.