Paytm shares in focus as COO Bhavesh Gupta resigns, moves to advisory role
Paytm shares in focus as COO Bhavesh Gupta resigns, moves to advisory role
Shares of One 97 Communications Ltd (Paytm) are in focus on Monday morning after as President and Chief Operating Officer (COO) of the company, Bhavesh Gupta, resigned and moved to an advisory position, as a part of overall organisational restructuring.
Gupta will continue to support Paytm as an advisor in the CEO office after May 31, 2024, Paytm informed stock exchanges.
In his letter to Vijay Sekhar Sharma, Gupta said due to personal reasons, he will be unable to continue as President and COO with effective close of business hours on May 31. He suggested that he would support the organisation in his capacity as an advisor in the CEO office.
Gupta was overseeing the payments and lending businesses. He will be transitioning to an advisory role, offering guidance for
Paytm’s growth initiatives until the end of the year. The leadership will focus on profitable business expansion and is committed to regulatory compliance, Paytm said.
“The company has also undertaken leadership transitions within its wealth subsidiary where Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd (PML). With over two decades of experience, Rakesh
Singh was previously the CEO of the stock broking business at Fisdom, and has held key management positions with ICICI Securities and Standard Chartered Bank,” Paytm said.
Shares of Paytm closed at Rs 370 on Friday, down 0.59 per cent. The stock has fallen 58 per cent in the last six months, following the RBI ban on Paytm Payments Bank from accepting fresh deposits and carrying out transactions due to persistent non-compliance and “material supervisory concerns.
“The Board of Directors of the company at its meeting held on May 04, 2024 took note of the resignation tendered by Bhavesh Gupta, President and Chief Operating Officer of the company (‘Senior Management Personnel’) vide his letter dated May 04, 2024. His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024,” Paytm said.
Paytm said its payment and credit businesses are led by Chief Operating Officers and Chief Business Officers, each with over five years of experience at Paytm and 20-26 years of total work experience in relevant industries, it said.
“This seasoned leadership team will now work directly with Paytm’s CEO and other senior management. The company has been focusing on strengthening the roles of its next line of leaders and robust succession planning.
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