PH Ravikumar, an independent director on its board and former chief executive of NCDEX, will become the company's non-executive chairman, ET reported.
SKS Microfinance is India's only listed microfinance company ventured in 1997 with the aim of providing microloans and insurance to poor people of India.
News reports say that Akula have been under pressure by some of the members to step down over differences in business strategies.
The company's board may reach to a final settlement by providing a cash component of about Rs 5 crore and protection of employee stock options valued at about Rs 9 crore.
The company which posted a loss of Rs 385 crore in second quarter of FY12, has recently approved fund raising plans of up to Rs 900 crore.