BharatPe's co-founder and former?Shark Tank India?judge Ashneer Grover has tweeted a "poem" targeting the fintech's chairman and CEO after the latter's resignation.??
In a statement, BharatPe said, "Suhail Sameer?will transition from Chief Executive Officer to strategic advisor effective January 7, 2023." The fintech did not mention the reason behind CEO Sameer's resignation.??
"This (the new role for Suhail Sameer) will ensure a smooth transition for the 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 said, as per a PTI report.
BharatPe said its Board of Directors has retained a leading executive search firm to assist with succession planning and the critical CEO search.
Also Read:?'There Is No?BharatPe?Without Me,' Says Ashneer Grover
Suhail Sameer had been overseeing the fintech company after it ousted Ashneer Grover over alleged financial misappropriation. Shark Tank India Season 1¡¯s judge, Ashneer, has time and again targeted CEO Suhail, who had said that?Ashneer¡¯s exit was not a loss for BharatPe.
After?BharatPe?sued Ashneer Grover and his wife for damages worth about Rs 88 crores last month,?the former?Shark Tank India judge hit back and took a serious dig at the company¡¯s CEO, Suhail Sameer.
In a tweet,?Ashneer Grover?had alleged that BharatPe CEO?Suhail Sameer allegedly spent money raised by him to travel to Australia for this year¡¯s T20 World Cup.
In recent months, BharatPe has seen a slew of top-level exits. Three senior executives, including Chief Technology Officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Chief Product Officer for lending and consumer products Rajat Jain, reportedly resigned from the company last month.??
Geetanshu Singla, who served as the Vice President of Technology, also moved on.
Prior to that, BharatPe's Chief Revenue Officer, Nishit Sharma, and Satyam Nathani, one of its founding members, had quit.?In June last year, Bhavik Koladiya, who ran BharatPe's technology and product divisions, stepped down.
Suhail Sameer was hired by Ashneer Grover, who was ousted from the company along with his wife, Madhuri Jain, in March last year on the grounds of fraud and other irregularities.
Also Read:?After Infamous BharatPe Debacle, Ashneer Grover To Start New Business Without Any Investors
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 said, committing to support Negi in his new role, as the report mentioned.
Suhail Sameer said BharatPe will continue to build. "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."
Suhail Sameer was appointed President of BharatPe in August 2020. He started managing the day-to-day affairs of the company in the following months and was formally made the CEO in August 2021.
The exits come at a time when BharatPe is trying to put the negative publicity surrounding the alleged financial fraud perpetrated by Grover behind it and transform itself into a professionally run firm. BharatPe is focused on achieving profitability ahead of a possible listing in 18 to 24 months, as per the report.
The statement said (new interim CEO) Nalin Negi, who joined BharatPe in August 2022 as Chief Financial Officer, brings over 28 years of experience and business acumen, the last 15 of which have been in banking and financial services, having worked at renowned brands 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 said.
As per the report, Nalin'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 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," said 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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