NEW DELHI: BharatPe‘s leader govt Suhail Sameerwho had a fall out with ousted co-founder Ashneer Grover, has stepped down, sending the corporate scouting for succession making plans.
In a remark, BharatPe stated, “Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.”
It didn’t point out the rationale at the back of 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 stated.
BharatPe stated its Board of Directors has retained a number one govt seek company to help with succession making plans and the crucial CEO seek.
Sameer were overseeing the fintech corporate after it ousted Grover over alleged monetary misappropriation.
The Sequoia-backed company has noticed a slew of top-level exits in contemporary months. Three senior executives — leader generation officer Vijay AggarwalPostPe head Nehul Malhotra, and leader product officer for lending and client merchandise Rajat Jain — resigned from the corporate remaining month.
Geetanshu Singla, who served because the Vice President of generation, has additionally moved on.
Prior to that, the company’s leader earnings officer Nishit Sharma, and Satyam Nathani, one among its founding participants, had give up.
In June remaining yr, Bhavik Koladiya, who ran the fintech company’s generation and product divisions, stepped down.
Koladiya and Shashvat Nakrani based BharatPe in July 2017, even if the company wasn’t integrated until March 2018. Grover joined the corporate in June 2018.
Sameer was once employed by means of Grover who was once ousted from the corporate along side his spouse Madhuri Jain in March remaining yr at the grounds of fraud and different irregularities.
Rajnish KumarChairman, 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 stated, committing to make stronger Negi in his new position.
Sameer stated 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 prison fits alleging fraud, had in contemporary weeks made private assaults on Sameer.
Sameer, who was once prior to now CEO of the FMCG trade at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president. He began managing the daily affairs of the corporate within the following months and was once officially made the CEO in August 2021.
The exits come at a time when BharatPe is making an attempt to place the destructive exposure across the alleged monetary fraud perpetrated by means of Grover at the back of it and develop into itself right into a professionally-run company.
The corporate is thinking about attaining profitability forward of a conceivable checklist in 18-24 months.
The remark stated Negi, who joined BharatPe in August 2022 as Chief Financial Officer, brings over 28 years of revel in and trade acumen and the remaining 15 years of that has been in banking and fiscal products and services, 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 stated.
Nalin’s in depth revel in within the fintech trade makes him a herbal selection to guide the corporate right through the time a brand new CEO is looked for, stated 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,” stated Negi. “We remain fully committed to our employees and customers and look forward to our continued success as a fintech leader in India.”
In a remark, BharatPe stated, “Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.”
It didn’t point out the rationale at the back of 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 stated.
BharatPe stated its Board of Directors has retained a number one govt seek company to help with succession making plans and the crucial CEO seek.
Sameer were overseeing the fintech corporate after it ousted Grover over alleged monetary misappropriation.
The Sequoia-backed company has noticed a slew of top-level exits in contemporary months. Three senior executives — leader generation officer Vijay AggarwalPostPe head Nehul Malhotra, and leader product officer for lending and client merchandise Rajat Jain — resigned from the corporate remaining month.
Geetanshu Singla, who served because the Vice President of generation, has additionally moved on.
Prior to that, the company’s leader earnings officer Nishit Sharma, and Satyam Nathani, one among its founding participants, had give up.
In June remaining yr, Bhavik Koladiya, who ran the fintech company’s generation and product divisions, stepped down.
Koladiya and Shashvat Nakrani based BharatPe in July 2017, even if the company wasn’t integrated until March 2018. Grover joined the corporate in June 2018.
Sameer was once employed by means of Grover who was once ousted from the corporate along side his spouse Madhuri Jain in March remaining yr at the grounds of fraud and different irregularities.
Rajnish KumarChairman, 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 stated, committing to make stronger Negi in his new position.
Sameer stated 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 prison fits alleging fraud, had in contemporary weeks made private assaults on Sameer.
Sameer, who was once prior to now CEO of the FMCG trade at RP-Sanjiv Goenka Group, joined BharatPe in August 2020 as president. He began managing the daily affairs of the corporate within the following months and was once officially made the CEO in August 2021.
The exits come at a time when BharatPe is making an attempt to place the destructive exposure across the alleged monetary fraud perpetrated by means of Grover at the back of it and develop into itself right into a professionally-run company.
The corporate is thinking about attaining profitability forward of a conceivable checklist in 18-24 months.
The remark stated Negi, who joined BharatPe in August 2022 as Chief Financial Officer, brings over 28 years of revel in and trade acumen and the remaining 15 years of that has been in banking and fiscal products and services, 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 stated.
Nalin’s in depth revel in within the fintech trade makes him a herbal selection to guide the corporate right through the time a brand new CEO is looked for, stated 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,” stated Negi. “We remain fully committed to our employees and customers and look forward to our continued success as a fintech leader in India.”