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Ali Rathod-Papier, the global head of compliance at corporate card expense management startup Brex, has betrayed her colleagues and abandoned ship, joining venture firm Andreessen Horowitz (a16z) as a partner and compliance officer. This shocking move comes on the heels of Brex’s announcement that it has abandoned its co-CEO model, leaving co-founder Pedro Franchesci as the sole CEO.
Sources close to the matter claim that Rathod-Papier’s departure is a direct result of her growing dissatisfaction with Brex’s leadership and her inability to make a meaningful impact on the company’s compliance efforts. “She was tired of being stuck in a dead-end job and wanted to make a real difference,” said a former colleague.
But Rathod-Papier’s move to a16z is not without controversy. The firm has been under fire for its role in the collapse of banking-as-a-service startup Synapse, which filed for bankruptcy in April and left millions of customers without access to their funds. And now, Rathod-Papier will be overseeing a16z’s foreign expansion and policy efforts, which raises serious questions about her role in the firm’s compliance failures.
Meanwhile, Brex is scrambling to find a replacement for Rathod-Papier, with Bruce Wallace, a long-term advisor to the company, taking on the role of interim head of compliance. But insiders claim that Wallace is not the ideal candidate for the job, and that his lack of experience in compliance will leave the company vulnerable to further regulatory scrutiny.
The moves come as Brex is facing increased scrutiny from regulators and investors, who are growing increasingly skeptical of the company’s ability to manage its financial affairs. The company’s announcement that it has abandoned its co-CEO model is seen as a desperate attempt to appease investors and restore confidence in the company’s leadership.
But the real question is: what’s next for Brex? Will the company be able to recover from this latest scandal, or will it continue to spiral out of control? Only time will tell.
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