BharatPe’s chief executive Suhail Sameer, who had a fall out with ousted co-founder Ashneer Grover, has step down, sending the company scouting for succession planning.
In a statement, BharatPe said :
“Sameer will transition from chief executive officer to strategic advisor effective January 7, 2023.”
“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 did not mention the reason behind Sameer’s resignation.
BharatPe said its Board of Directors has retaine a leading executive search firm to assist with succession planning and the critical CEO search.
Suhail Sameer had overseeing the fintech company after it ousted Ashneer Grover over alleged financial misappropriation.
BharatPe in recent months has seen a slew of top-level exits.
Three senior executives, chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and chief product officer for lending and consumer products Rajat Jain, resign from the company last month.
Geetanshu Singla, who serve as the Vice President of technology, has also left.
BharatPe’s chief revenue officer Nishit Sharma, and Satyam Nathani, one of its founding members, had also quit.
In June 2023, Bhavik Koladiya, who ran the fintech firm’s technology and product divisions, also step down.
Bhavik Koladiya and Shashvat Nakrani founded BharatPe in July 2017, although the firm wasn’t incorporate till March 2018.
Ashneer Grover join the company in June 2018.
Suhail Sameer was hire by Ashneer Grover who was ousted from the company along with his wife Madhuri Jain in March 2022 on the grounds of fraud and other irregularities.
Rajnish Kumar, Chairman, BharatPe Board thanked Suhail Sameer for “steering BharatPe into a leadership position as a fintech player in India.”
Rajnish Kumar Said :
“We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights,”.
Sameer said BharatPe will continue to build.
Suhail Sameer Said :
“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.”
Ashneer Grover, who is facing civil and criminal suits alleging fraud, had in recent weeks made personal attacks on Suhail Sameer.
Suhail Sameer, who was previously CEO of the FMCG business at RP-Sanjiv Goenka Group, join BharatPe in August 2020 as president.
He start managing the day-to-day affairs of the company in the following months and was formally made the CEO in August 2021.
This exits come at a time when BharatPe is trying to put the negative publicity around the alleged financial fraud perpetrated by Ashneer Grover behind it and transform itself into a professionally-run firm.
BharatPe is focus on achieving profitability ahead of a possible listing in 18-24 months.
The statement said Nalin Negi, who join BharatPe in August 2022 as Chief Financial Officer, brings over 28 years of experience and business acumen and the last 15 years of that has in banking and financial services, having work at renown brands like GE Capital and SBI Card.
As per statement :
“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,”.
Nalin Negi’s extensive experience in the fintech industry makes him a natural choice to lead the company during the time a new CEO is searched for, said Rajnish Kumar.
Rajnish Kumar Said :
“His in-depth knowledge of banking and financial services will help BharatPe continue to scale and grow for the future.”
Nalin Negi Said :
“I’m grateful for this opportunity and am excited to lead BharatPe through this critical and exciting transition period for the company,”.
“We remain fully committed to our employees and customers and look forward to our continued success as a fintech leader in India.”
