New Delhi: BharatPe CEO Suhail Sameer, who was at loggerheads with former co-founder Ashneer Grover, has stepped down. BharatPe said in a statement, “He will transition from Chief Executive Officer to Strategic Advisor with effect from January 7, 2023.
“This will ensure a smooth transition for the current CFO, Nalin Negi, who has been appointed interim CEO to partner with senior executives to strengthen execution across all phases of the company’s business,” the fintech said.
“We recognized the need to dedicate time and resources to finding a leader who can take BharatPe to new heights, and we are grateful for Suhail and Nalin’s commitment.
We look forward to supporting Nalin Negi in his role as Interim-CEO, as we continue in our mission to empower millions of MSMEs with a range of world-class financial products, said Rajneesh Kumar, Chairman of the Board of BharatPe. Let’s go ahead.
Negi, who comes with over 28 years of experience, has previously worked at GE Capital and SBI Card. He was the CFO of SBI Card for more than ten years.
“Nalin’s extensive experience in the fintech industry makes him a natural choice to lead the company during our search process,” said Kumar.
BharatPe’s development comes amid several high-profile exits from the Sequoia-backed company, which has been mired in controversy since January 2022 over allegations of financial irregularities.
In November 2022, three executives, including chief technology officer Vijay Aggarwal, postpay head Nehul Malhotra, and lending and consumer products chief product officer Rajat Jain exited the company.