Suhail Sameer steps down as Bharatpe CEO; Nalin Negi to be interim leader

Fintech has sued a former co-founder, has seen exit of other senior executives over the months

BharatPe said on Tuesday its chief executive officer, Suhail Sameer, has stepped down and will act as a strategic advisor at the fintech firm from January 7.
 
Nalin Negi, the chief financial officer (CFO), will be the interim CEO. BharatPe’s board has retained an executive search firm to assist with succession planning and find a new CEO.
 
“…we would like to thank Suhail for the tremendous contribution he made in steering BharatPe into a leadership position as a fintech player in India and helping us ride through various challenges during this journey. We have recognized the need to dedicate time and resources to finding the leader who will continue to catapult BharatPe to new heights,” said Rajnish Kumar, chairman of BharatPe’s board.

 

Sameer may set up his venture capital (VC) fund. “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,” he said.
 
Negi, who joined BharatPe as CFO in August, has more than 28 years of experience. In the last 15 years, he has worked in banking and financial services. He was the CFO of SBI Card for over ten years.
 
Sameer’s resignation as CEO follows top executive exits at BharatPe earlier. It follows news that BharatPe has filed a civil lawsuit against former co-founder Ashneer Grover and his wife alleging embezzlement of funds.

 
Over the last few months, BharatPe has seen some senior leaders quitting, such as Vijay Aggarwal, CTO; Nehul Malhotra PostPe head; Rajat Jain, chief product officer; and Geetanshu Singla, VP, technology. Nishit Sharma, chief revenue officer, left the company in June, and so did Bhavik Koladiya, co-founder of the company.