Sachin Bansal Steps Down as CEO of Navi Group, Takes Executive Chairman Role

Sachin Bansal Steps Down as CEO of Navi Group, Takes Executive Chairman Role

Sachin Bansal, co-founder of Navi Group, has stepped down from his position as CEO of Navi Technologies and Navi Finserv. Rajiv Naresh and Abhishek Dwivedi, who are currently vice presidents at Navi, have been appointed as the new CEOs of Navi Technologies and Navi Finserv, respectively.

Bansal will now serve as the executive chairman of Navi Group, a position that allows him to focus on guiding the company’s overall vision. In a statement, he said, “Holding the position of executive chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group.”

The restructuring is part of an initiative to enhance the group's performance and is not a response to any challenges, as per a statement from Navi. This move follows an incident in October when Navi Finserv faced a ban by the Reserve Bank of India on disbursing new loans due to concerns around their loan pricing practices. The ban was lifted in December after the company made necessary adjustments.

The New CEOs

Both Naresh and Dwivedi joined Navi in 2019, with Naresh initially serving as director of legal and later as chief of staff to the CEO, before advancing to VP. As CEO of Navi Technologies, he will now oversee all non-lending business operations within Navi Group. Dwivedi has held several positions across Navi Group, including head of human resources, chief operating officer of Navi General Insurance, and head of strategy and business operations. As CEO of Navi Finserv, he will lead the lending business.

Bansal expressed confidence in the new leadership, stating, "Both Rajiv and Abhishek have played key roles in our growth, and I am confident that we will continue on this upward trajectory as they assume their new roles."

In his new role, Bansal will focus on long-term strategic objectives, expansion opportunities, fundraising, and mergers and acquisitions.

This transition comes after Bansal's exit from Flipkart in 2018, following the company's acquisition by Walmart, which earned him $1 billion from the sale of his shares. The Navi Group represents his latest entrepreneurial venture

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