Homegrown fintech startup BharatPe announced a significant leadership change on Tuesday. Suhail Sameer, who has been overseeing the company’s operations since the ouster of its co-founder Ashneer Grover last year, will step down from his role as Chief Executive Officer (CEO) to take on the position of Strategic Advisor effective January 7, 2023.
BharatPe’s current Chief Financial Officer (CFO), Nalin Negi, will assume the position of interim CEO amid this major leadership transition. In a statement, the company said, “This 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.”
To facilitate a seamless succession and identify a new CEO, BharatPe has engaged an executive search firm. “The Board of Directors has retained a leading executive search firm to assist with succession planning and the critical CEO search,” the statement added.
Rajnish Kumar, Chairman of BharatPe, expressed the board’s gratitude to Sameer for his contributions in steering the company into a leadership position. “We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights, and we are grateful for the commitment from Suhail and Nalin. We look forward to supporting Nalin Negi in his role as interim CEO as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products,” Kumar said.
Sameer commented, “Helping build BharatPe during this time of transition has been an honor, and I know the company will continue to build for success. I remain committed to supporting BharatPe achieve its growth potential in the role of Strategic Advisor and look forward to the next phase of my own journey as a full-time investor.”
Negi, who joined BharatPe in August 2022 and previously served as CFO at SBI Cards for over a decade, expressed his enthusiasm for his new role. “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,” he said.
Kumar added, “Nalin’s extensive experience in the fintech industry makes him a natural choice to lead the company during our search process.”
This leadership change at BharatPe comes amid several senior-level exits within the company over the past few months. Recently, three senior executives—Chief Technology Officer Vijay Aggarwal, PostPe’s head Nehul Malhotra, and Rajat Jain, Chief Product Officer for lending and consumer products—resigned from the fintech company.
First Published: Jan 3, 2023, 1:45 PM IST
