PB Fintech Appoints Sarbvir Singh As Joint Group CEO

SUMMARY

Sarbvir Singh has also been elevated to the position of executive director of the startup from the current position of non-executive director

An alumni of IIT-Delhi and IIM-Ahmedabad, Singh previously worked in various capacities with WaterBridge Ventures, JP Morgan private equity group, and Capital18

Singh joined Policybazaar as CEO in late 2019 and went on to spearhead the expansion of the company and subsequent focus on profitability

Listed fintech major PB Fintech, the parent company of Policybazaar, has appointed Sarbvir Singh as the new joint group chief executive officer (CEO) of the company.

In addition, Singh has also been elevated to the position of executive director of the startup from the current position of non-executive director, the company said in a regulatory filing.

However, his confirmation is subject to approval of the shareholders at the upcoming annual general meeting.

“… Sarbvir Singh, non-executive director of the company has been appointed as the executive director designated as Joint Group Chief Executive Officer of the company w.e.f. August 26, 2023 subject to the approval of members in the ensuing annual general meeting of the company,” said PB Fintech.

With this, Singh also becomes a key managerial personnel (KMP) for the company. He will hold the position for a period of five years from the date of appointment.

An alumni of IIT-Delhi and IIM-Ahmedabad, Singh has decades of experience under his belt. In his previous stints, he served as a managing partner at WaterBridge Ventures, regional advisor to JP Morgan private equity group, and managing director at Capital18.

Singh joined PolicyBazaar as CEO in late 2019 and went on to spearhead the expansion of the company and subsequent focus on profitability.

Besides, PB Fintech’s board also amended the company’s ESOP policy. Under the new mandates, employees will be able to exercise their stock options at a discount of 10% to the weighted average price of the last three months preceding the date of the grant of options.

“… the exercise of stock options at a discount of upto 10% to the volume weighted average price of last three (3) months immediately preceding working day of the date of grant of options will be in the long-term interest of all stakeholders and will meet the better corporate governance requirements,” said Policybazaar.

The fintech major’s shares closed 0.24% higher at INR 753.95 on the BSE on Monday (August 28).

(This story will be updated soon)