PB Fintech, the parent company of Policybazaar, has named Sarbvir Singh as the new Joint Group Chief Executive Officer (CEO) and elevated him from a non-executive director to an executive director role. The announcement was made in a regulatory filing, though the confirmation of Singh’s position is pending approval from shareholders at the upcoming annual general meeting. As per the statement, Sarbvir Singh’s appointment as the Executive Director designated as Joint Group CEO will be effective from August 26, 2023, subject to shareholder approval.
With extensive experience, including roles as a managing partner at WaterBridge Ventures, a regional advisor to JP Morgan’s private equity group, and a managing director at Capital18, Singh brings a wealth of expertise to his new position. An alumnus of both IIT-Delhi and IIM-Ahmedabad, he joined Policybazaar as CEO in 2019, playing a crucial role in the company’s expansion and increased focus on profitability.
Moreover, PB Fintech’s board has revised the company’s ESOP (Employee Stock Ownership Plan) policy. The amendment enables employees to exercise stock options at a discount of up to 10% relative to the volume-weighted average price of the preceding three months before the options’ grant date. The company stated that this change in the ESOP policy aligns with the interests of stakeholders and enhances corporate governance standards.