NEW DELHI: bharatpeCEO of Suhail Sameerwho had been at odds with ousted co-founder Ashneer Grover, has resigned, prompting the company to seek a succession plan.
In a statement, BharatPe said, “Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.”
It did not mention the reason behind Sameer’s resignation.
“This (Sameer’s new role) will ensure a smooth transition for the current CFO, Nalin Negi, who has been appointed interim CEO to work with senior executives to strengthen implemented in all phases of the company’s business,” it said.
BharatPe said its Board of Directors hired a top executive search firm to assist with succession planning and the key CEO search.
Sameer has overseen the fintech company after it ousted Grover for alleged financial embezzlement.
The Sequoia-backed company has in recent months seen a flurry of exits at the top level. Three senior executives — chief technology officer Vijay AggarwalPostPe head Nehul Malhotra, and head of consumer products and lending product Rajat Jain – resigned from the company last month.
Geetanshu Singla, who served as Vice President of Technology, has also left.
Prior to that, the company’s chief revenue officer, Nishit Sharma, and Satyam Nathani, one of the company’s founding members, quit.
In June last year, Bhavik Koradiya, who ran the fintech company’s product and technology division, resigned.
Koradiya and Shashvat Nakrani founded BharatPe in July 2017, although the company was not incorporated until March 2018. Grover joined the company in June 2018.
Sameer was hired by Grover, who was fired from the company along with his wife, Madhuri Jain, last March, citing fraud and other irregularities.
Rajnish KumarChairman, Board of Directors BharatPe thanked Sameer for “directing BharatPe to a leadership position as a fintech company in India.”
“We recognized the need to dedicate the time and resources to finding the leader who will continue to take BharatPe to the next level,” he said, pledging to support Negi in his new role.
Sameer said BharatPe will continue to build. “I remain committed to helping BharatPe achieve its growth potential as a Strategy Advisor and look forward to the next phase in my own journey as a full-time investor.”
Grover, who is facing civil and criminal lawsuits alleging fraud, has in recent weeks carried out personal attacks on Sameer.
Sameer, who was previously the CEO of FMCG business at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president. He began managing the day-to-day operations of the company in the following months and was officially appointed CEO in August 2021.
The exits come at a time when BharatPe is trying to create negative publicity around the alleged financial fraud committed by Grover and turn itself into a professionally operated company.
The company is focused on making a profit before it can list in 18-24 months.
The statement said Negi, who joined BharatPe in August 2022 as Chief Financial Officer, has over 28 years of experience and business acumen and has worked in the banking sector for the past 15 years. banking and financial services, having worked at famous brands such as GE Capital and SBI Card.
Most recently, Nalin was CFO of SBI Cards for over ten years, where he led strategic initiatives, including leading the IPO of SBI Card in March 2020. Previous Here, Nalin also served as Co-CEO for the credit card venture GE SBI.” It says.
Nalin’s extensive experience in the financial technology industry makes him a natural choice to lead the company during its search for a new CEO, Kumar said. “His in-depth knowledge of banking and financial services will help BharatPe continue to scale and grow in the future.”
“I am grateful for this opportunity and am delighted to lead BharatPe through this important and exciting transition for the company,” said Negi. “We remain fully committed to our employees and customers and look forward to continued success as a fintech leader in India.”
In a statement, BharatPe said, “Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.”
It did not mention the reason behind Sameer’s resignation.
“This (Sameer’s new role) will ensure a smooth transition for the current CFO, Nalin Negi, who has been appointed interim CEO to work with senior executives to strengthen implemented in all phases of the company’s business,” it said.
BharatPe said its Board of Directors hired a top executive search firm to assist with succession planning and the key CEO search.
Sameer has overseen the fintech company after it ousted Grover for alleged financial embezzlement.
The Sequoia-backed company has in recent months seen a flurry of exits at the top level. Three senior executives — chief technology officer Vijay AggarwalPostPe head Nehul Malhotra, and head of consumer products and lending product Rajat Jain – resigned from the company last month.
Geetanshu Singla, who served as Vice President of Technology, has also left.
Prior to that, the company’s chief revenue officer, Nishit Sharma, and Satyam Nathani, one of the company’s founding members, quit.
In June last year, Bhavik Koradiya, who ran the fintech company’s product and technology division, resigned.
Koradiya and Shashvat Nakrani founded BharatPe in July 2017, although the company was not incorporated until March 2018. Grover joined the company in June 2018.
Sameer was hired by Grover, who was fired from the company along with his wife, Madhuri Jain, last March, citing fraud and other irregularities.
Rajnish KumarChairman, Board of Directors BharatPe thanked Sameer for “directing BharatPe to a leadership position as a fintech company in India.”
“We recognized the need to dedicate the time and resources to finding the leader who will continue to take BharatPe to the next level,” he said, pledging to support Negi in his new role.
Sameer said BharatPe will continue to build. “I remain committed to helping BharatPe achieve its growth potential as a Strategy Advisor and look forward to the next phase in my own journey as a full-time investor.”
Grover, who is facing civil and criminal lawsuits alleging fraud, has in recent weeks carried out personal attacks on Sameer.
Sameer, who was previously the CEO of FMCG business at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president. He began managing the day-to-day operations of the company in the following months and was officially appointed CEO in August 2021.
The exits come at a time when BharatPe is trying to create negative publicity around the alleged financial fraud committed by Grover and turn itself into a professionally operated company.
The company is focused on making a profit before it can list in 18-24 months.
The statement said Negi, who joined BharatPe in August 2022 as Chief Financial Officer, has over 28 years of experience and business acumen and has worked in the banking sector for the past 15 years. banking and financial services, having worked at famous brands such as GE Capital and SBI Card.
Most recently, Nalin was CFO of SBI Cards for over ten years, where he led strategic initiatives, including leading the IPO of SBI Card in March 2020. Previous Here, Nalin also served as Co-CEO for the credit card venture GE SBI.” It says.
Nalin’s extensive experience in the financial technology industry makes him a natural choice to lead the company during its search for a new CEO, Kumar said. “His in-depth knowledge of banking and financial services will help BharatPe continue to scale and grow in the future.”
“I am grateful for this opportunity and am delighted to lead BharatPe through this important and exciting transition for the company,” said Negi. “We remain fully committed to our employees and customers and look forward to continued success as a fintech leader in India.”
