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Icertis, the US-based enterprise tech company valued at $5 billion has replaced its chief executive Anand Subbaraman with two interim CEOs after a complaint submitted by a whistleblower. For the uninvited, Icertis was founded in 2009 by Samir Bodas and Monish Darda. The company has also raised $497 million from investors including SoftBank Vision Fund, Eight Roads Ventures, and B Capital, and was last valued at $5 billion during its 2021 fundraising round. Founded in 2009 by Bodas and Monish Darda, Icertis has raised $497 million from investors including SoftBank Vision Fund, Eight Roads Ventures, and B Capital.
Subbaraman joined Icertis as COO in February 2024 and became CEO in August 2025, succeeding co-founder Samir Bodas, who stepped down due to illness and passed away in January 2026. The company announced last month that CFO Rahat Bahri and board member Jim Moffatt would serve as interim co-CEOs while a search for Subbaraman’s permanent successor is underway, according to a report by Economic Times. Within two months, the company announced his transition out of the CEO role. The board initiated an investigation and announced the leadership transition within two months. However, the spokesperson also confirmed that Icertis maintained a defined process through which employees can bring information directly to the board of directors.
The board received a whistleblower complaint in May alleging Subbaraman’s conduct undermined fairness and transparency within the organization, according to people familiar with the matter. As per the report by Economic Times, the Icertis spokesperson said that the company does not believe in commenting on matters related to a particular employee. The board received the whistleblower complaint against Subbaraman in May and opened an investigation shortly after. The complaint, reviewed by Economic Times, raised allegations of favouritism. The company further added that the board also takes seriously anything brought to its attention and gives such matters careful consideration. The spokesperson also mentioned that both the leadership team and the board remain committed to stewarding the company ethically and fostering a collaborative, professional environment. Get the latest technology news and updates. Download the TOI App.