Bhavesh Gupta, Paytm’s COO and President, resigned along with the key leaders of different business verticals. With a wave of resignations at the top, Vijay Shekhar Sharma, the CEO and founder, has stepped into the forefront. It is anticipated that he will collaborate with the incoming leadership as the current heads of various verticals make their exit.
In the ongoing restructuring of the fintech giant, management asked chief business officers of 3 different business verticals to leave the company. As per Inc42, Ajay Vikram Singh (CBO of user growth and UPI), Bipin Kaul (CBO of the offline payments business), and Sandeepan Kashyap (chief business officer of the consumer payments vertical) have resigned from their positions. A few days later, president and COO Bhavesh Gupta also resigned from the company and will be relieved from his duties by the end of this month.
According to News18, Bhavesh, in his letter, mentioned that he is taking a career break because of personal reasons. He further added that he is extremely confident about the future of the company and will support the company in an advisory capacity.
Soon after this news was released to the public, the share price of One97 Communication, a company that owns Paytm, tanked by 5%. This is the second consecutive time the company has lost its value by 5% and touched the lower circuit of Rs. 334 on Tuesday.
What Is Paytm Planning Next?
Paytm announced new CEOs for its Paytm Money business. Rakesh Singh was appointed as the new CEO of Paytm Money. In contrast, Varun Sridhar, the existing CEO, has been appointed as the Chief Executive Officer of Paytm Services Private Limited (PSPL). Further, it seems that CEO Sharma will take charge.
According to the spokesperson of paytm, “We are committed to ensuring sustained growth across key business verticals as we are going through a restructuring initiative that signals a reinvigorated approach under Paytm’s CEO. These changes are part of our approach to strengthen Paytm’s next line of leaders.”
