The chief executive of the Indian startup will leave later this week as it scrambles to find a new leader after expelling its founder for alleged misuse of company funds.
Sameer will become a strategic advisor on January 7 and the current chief financial officer will become the interim chief executive.
We need to dedicate time and resources to find the leader who will continue to catapult the organization to new heights and we are grateful for the commitment from Suhail and Nalin. Rajnish Kumar, Chairman of the Board said, "We look forward to supporting the interim-CEO, as we move ahead in our mission of empowering millions of Micro, Small and Medium enterprises with a range of world class financial products."
Last year, the founder of the startup was forced to resign after the board accused him of misuse of company money. The startup filed a lawsuit last month against Grover and his wife.
Sameer became the CEO in the second half of 2020. As the relationship soured, Sameer became the board's puppet, as the startup probed allegations of frauds against him.
Mint reported about Sameer's departure.
Sameer's departure is the latest in a series of setbacks at the Indian fintech, which used to give stiff competition to incumbents with its payment solutions. The drama surrounding its founder's ousting and its public spats with him continues to haunt the company.
Rajnish Kumar, the former chairman of State Bank of India, has tried to restructure the startup's management and leadership teams in the past two years.
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