BharatPe announced in a statement that CEO Suhail Sameer "will transition from Chief Executive Officer to Strategic Advisor with effect from January 7, 2023."
The company added that "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 company's ousted co-founder, Ashneer Grover, reacted to Suhail's exit calling him a "Nalla," which means incapable or incompetent.
He tweeted, "Poem for start of 2023: ‘Chala gaya Suhail Sameer - he was a nalla ! Shashvat - why don’t you man up and sambhalo the galla ?!"
The change comes after a controversial year for BharatPe, which saw the big exit of Ashneer Grover, with publicly-made accusations & lawsuits.
The fintech company, BharatPe, on 2022 March 2, removed co-founder Ashneer Grover from all positions of the company, accusing his family of extensively misappropriating the company’s funds.
Mr. Grover resigned soon after learning that the company's Board would be presented with the results of external consultants' examination of the internal controls, according to BharatPe.
The Grover family is accused of stealing money from the company and using it to support their extravagant lives by creating false vendors.
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