Suhail Sameer to step down as BharatPe’s CEO; CFO Nalin Negi to be appointed as interim CEO

BharatPe’s CEO, Suhail Sameer, who has been overlooking the company’s operations ever since co-founder Ashneer Grover was ousted last year, is all set to step down, the company said in a statement. 
 
Sameer will be taking over the position of Chief Strategy Officer amid the major rejig in leadership positions. “BharatPe today announced that Suhail Sameer will transition from Chief Executive Officer to Strategic Advisor effective January 7, 2023. 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,” the statement read.
 
BharatPe also revealed that the company has hired an “executive search firm” to assist with succession planning and also help identify a new CEO for the company.
 
Rajnish Kumar, Chairman at the BharatPe Board, said he is grateful to Sameer for his “tremendous contribution” and also for helping the company steer through various challenges. “We have recognised 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 the interim-CEO, as we move ahead in our mission of empowering millions of MSMEs with a range of world-class financial products,” Kumar said. 
 
Negi joined BharatPe in August 2022. Previously, he was the Chief Financial Officer at SBI Cards for about 10 years.
 
This development comes amid several senior level exits within the company which took place in a matter of months. Recently, three senior executives, including the Chief Technology Officer Vijay Aggarwal, PostPe's head Nehul Malhotra, and Rajat Jain, Chief Product Officer for lending and consumer products, resigned from the company.
 
Last month, the company filed a civil case at the Delhi High Court and a criminal complaint with the Economic Offenses Wing against Grover and his family members for misappropriation of funds, among other claims. The fintech company also filed an arbitration under the Singapore International Arbitration Centre (SIAC) rules to restrict him from vesting his 1.4 per cent shares in the company.
 
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