BharatPe’s chief government Suhail Sameer, who had a fall out with ousted co-founder Ashneer Grover, has stepped down, sending the corporate scouting for succession planning.
In a press release, BharatPe mentioned, “Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.” It didn’t point out the rationale behind Sameer’s resignation.
“This (new role for Sameer) will ensure a smooth transition for current CFO, Nalin Negi, who has been appointed interim CEO to partner with senior executives to bolster execution in all phases of the company’s business,” it mentioned.
BharatPe mentioned its Board of Directors has retained a number one government search agency to help with succession planning and the important CEO search.
Sameer had been overseeing the fintech firm after it ousted Grover over alleged monetary misappropriation.
The Sequoia-backed agency in latest months has seen a slew of top-level exits. Three senior executives — chief know-how officer Vijay Aggarwal, PostPe head Nehul Malhotra, and chief product officer for lending and shopper merchandise Rajat Jain — resigned from the corporate final month.
Geetanshu Singla, who served because the Vice President of know-how, has additionally moved on.
Prior to that, the agency’s chief income officer Nishit Sharma, and Satyam Nathani, one in every of its founding members, had stop.
In June final 12 months, Bhavik Koladiya, who ran the fintech agency’s know-how and product divisions, stepped down.
Koladiya and Shashvat Nakrani based BharatPe in July 2017, though the agency wasn’t included until March 2018. Grover joined the corporate in June 2018.
Sameer was employed by Grover who was ousted from the corporate alongside together with his spouse Madhuri Jain in March final 12 months on the grounds of fraud and different irregularities.
Rajnish Kumar, Chairman, BharatPe Board thanked Sameer for “steering BharatPe into a leadership position as a fintech player in India.” “We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights,” he mentioned committing to assist Negi in his new position.
Sameer mentioned BharatPe will proceed to construct. “I remain committed to supporting BharatPe achieve its growth potential in the role as Strategic Advisor and look forward to the next phase of my own journey as a full-time investor.” Grover, who’s going through civil and felony fits alleging fraud, had in latest weeks made private assaults on Sameer.
Sameer, who was beforehand CEO of the FMCG enterprise at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president. He began managing the day-to-day affairs of the corporate within the following months and was formally made the CEO in August 2021.
The exits come at a time when BharatPe is attempting to place the unfavorable publicity across the alleged monetary fraud perpetrated by Grover behind it and remodel itself right into a professionally-run agency.
The firm is concentrated on attaining profitability forward of a doable itemizing in 18-24 months.
The assertion mentioned Negi, who joined BharatPe in August 2022 as Chief Financial Officer, brings over 28 years of expertise and enterprise acumen and the final 15 years of that has been in banking and monetary providers, having labored at famend manufacturers like GE Capital and SBI Card.
“Most recently, Nalin was the CFO of SBI Card for over ten years, where he spearheaded strategic initiatives including leading SBI Card’s IPO in March 2020. Nalin has also worked in the past as Co-CEO for the GE SBI credit card venture,” it mentioned.
Nalin’s in depth expertise within the fintech trade makes him a pure selection to guide the corporate throughout the time a brand new CEO is looked for, mentioned Kumar. “His in-depth knowledge of banking and financial services will help BharatPe continue to scale and grow for the future.” “I’m grateful for this opportunity and am excited to lead BharatPe through this critical and exciting transition period for the company,” mentioned Negi. “We remain fully committed to our employees and customers and look forward to our continued success as a fintech leader in India.”
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