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(Alliance News) - ASA International Group PLC on Friday said it named Executive Director for Corporate Development Karin Kersten as chief executive officer, succeeding Co-Founder Dirk Brouwer, who informed the board he wished to step down as CEO for personal reasons.
The Weybridge, Surrey-based microfinance lender said the board approved the succession plan, with Brouwer remaining as CEO until ASA International's annual general meeting on June 15, at which point Kersten will succeed him.
Kersten joined the company from ABN Amro Bank in October 2021, becoming an executive director in April 2022. "In the board's view, [she] is well qualified to lead the group going forward," ASA International said.
Brouwer co-founded the company in 2007 and since helped manage with former chair Shafiqual Haque Choudhur.
He will become deputy chair and special adviser to the new CEO, executive committee and broader management team to ensure a smooth transition and support the new leadership going forward.
ASA International said it fully expects Brouwer to "continue to make a significant contribution to the strategic and operational development of the business for the foreseeable future".
Brouwer said on his succession: "After having run ASA International, for the most part together with Shafiq, for more than 15 years, I am very pleased that we have found in Karin a formidable successor to take over the baton as the first female CEO of our company.
"Karin and I have worked closely together over the last one and a half years, and I am very confident that she will be able to successfully lead the company going forward in an increasingly more digital world."
Kersten added: "Together with all ASA International colleagues, I will build on the company's legacy, with its powerful 'ASA Model', and continue to focus on further increasing financial inclusion of female micro-entrepreneurs across Asia and Africa."
Also on Friday, ASA International released a quarterly business update as at December 31.
It reported 2.3 million clients across its financial 2022, down from 2.4 million a year earlier, alongside an "intentional and substantial" decrease in outstanding loan portfolio in India.
Gross OLP increased to USD367 million, 3% higher than the previous quarter, but down 15% a year earlier, due to OLP growth in local currency in most markets and currency appreciation in Ghana.
ASA International added all operating subsidiaries bar India achieved collection efficiency of more than 90%, with 9 countries achieving more than 95%. In India, collections improved to 87% in December from 83% in October.
Shares in ASA International were down 1.0% to 95.00 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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