BharatPe CEO Sameer Suhail steps down after 5 months
Sameer Suhail, the BharatPe CEO who had a falling out with co-founder Ashneer Grover, has resigned from his post, the company said in a statement. Suhail's resignation is a blow to the company that hoped for a return to normalcy after an eventful year that saw Grover get ousted on the grounds of fraud and other irregularities.
Why does this story matter?
- BharatPe is yet to recover from Grover's ousting last year. Suhail's attempt at trying to steer the ship through troubled waters was a failure.
- The number of senior-level exits last year is proof of that. The four-year-old start-up is still trying to figure out its roadmap for the future.
- The company will need a strong voice at the top to challenge its rivals.
Nalin Negi has been appointed the interim CEO
BharatPe announced that Suhail will transition to the role of Strategic Advisor from January 2023. He took over the position of CEO in August last year. The company has appointed Nalin Negi, the current CFO, as interim CEO. He will carry out the functions of the CEO until Suhail's replacement is found. Suhail joined the firm in August 2020 as president.
BharatPe board thanked Suhail and Negi
"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 of BharatPe board. "We look forward to supporting Nalin Negi in his role as the interim CEO," he added.
Several senior executives left the company last year
Suhail's exit from the CEO post is the latest in the list of top-level departures at the Sequoia Capital-backed firm. In November last year, a group of senior executives, including CTO Vijay Aggarwal, chief product officer Rajat Jain, and PostPe head Nehul Malhotra, left the firm. Before that, chief revenue officer Nishit Sharma quit the company in June 2022.