BharatPe’s chief govt 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 stated, “Sameer will transition from chief govt officer to strategic advisor efficient January 7, 2023.” It didn’t point out the rationale behind Sameer’s resignation.
“This (new function for Sameer) will guarantee a easy transition for present CFO, Nalin Negi, who has been appointed interim CEO to companion with senior executives to bolster execution in all phases of the corporate’s enterprise,” it stated.
BharatPe stated its Board of Administrators has retained a number one govt search agency to help with succession planning and the vital 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.
Previous 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 yr, 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 along with his spouse Madhuri Jain in March final yr on the grounds of fraud and different irregularities.
Rajnish Kumar, Chairman, BharatPe Board thanked Sameer for “steering BharatPe right into a management place as a fintech participant in India.” “We now have acknowledged the necessity to dedicate time and assets to discovering the chief who will proceed to catapult BharatPe to new heights,” he stated committing to assist Negi in his new function.
Sameer stated BharatPe will proceed to construct. “I stay dedicated to supporting BharatPe obtain its progress potential within the function as Strategic Advisor and sit up for the subsequent section of my very own journey as a full-time investor.” Grover, who’s going through civil and legal 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 detrimental publicity across the alleged monetary fraud perpetrated by Grover behind it and remodel itself right into a professionally-run agency.
The corporate is targeted on reaching profitability forward of a attainable itemizing in 18-24 months.
The assertion stated Negi, who joined BharatPe in August 2022 as Chief Monetary 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 lately, Nalin was the CFO of SBI Card for over ten years, the place he spearheaded strategic initiatives together with main SBI Card’s IPO in March 2020. Nalin has additionally labored prior to now as Co-CEO for the GE SBI bank card enterprise,” it stated.
Nalin’s intensive expertise within the fintech trade makes him a pure selection to guide the corporate in the course of the time a brand new CEO is looked for, stated Kumar. “His in-depth information of banking and monetary providers will assist BharatPe proceed to scale and develop for the long run.” “I am grateful for this chance and am excited to guide BharatPe by means of this vital and thrilling transition interval for the corporate,” stated Negi. “We stay absolutely dedicated to our staff and clients and sit up for our continued success as a fintech chief in India.”