Fintech unicorn BharatPe on Tuesday said it has appointed current chief financial officer (CFO) Nalin Negi as the firm’s interim chief executive officer (CEO) until its board finds a replacement for Suhail Sameer, who had stepped down from the position.
Mint first reported that Sameer, who was leading the company after Ashneer Grover’s exit, stepped down as the CEO. He will take on the role of strategic adviser effective 7 January, 2023, BharatPe said, confirming the development.
“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,” said Rajnish Kumar, chairman, BharatPe Board.
Sameer’s exit comes at a time when he has come under personal attacks on social media by Grover, who responded to civil and criminal suits alleging fraud filed by BharatPe. Sameer joined the company in August 2020 as president.
Negi, who comes with over 28 years of experience, had earlier worked with GE Capital and SBI Card. He was the CFO of SBI Card for over ten years.
“Nalin’s extensive experience in the fintech industry makes him a natural choice to lead the company during our search process,” added Kumar.
The development at BharatPe comes amid a slew of high profile exits from the Sequoia-backed company, which has been stuck in controversies since January 2022 over allegations of financial irregularities.
In November 2022, three executives including chief technology officer Vijay Aggarwal, PostPe head Nehul Malhotra, and Rajat Jain, chief product officer for lending and consumer products, exited the company.
Prior to that, in June 2022, BharatPe’s founding member Satyam Nathani, and chief revenue officer Nishit Sharma also resigned. In August, the firm’s co-founder Bhavik Koladiya, who ran product and technology operations for BharatPe, ended his association with the company citing disagreements with its management.
