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Bhavesh Gupta, the Chief Operating Officer (COO) and President of Paytm, a leading digital payments and financial services company, has resigned from his position, citing personal reasons. Gupta's resignation was announced by Paytm in a regulatory filing on May 4, 2023.
According to the filing, Gupta's resignation will be effective as of the close of business hours on May 31, 2023. However, he has expressed his intention to continue supporting the company in an advisory capacity within the chief executive's office.
In a letter, Gupta stated that he is taking a career break for personal reasons and expressed confidence in Paytm's future trajectory. He acknowledged the robust leadership in payments and financial services developed over recent years and wished the company all the best in its future endeavors.
The company has accepted Gupta's resignation and thanked him for his contributions to Paytm. The firm also announced that Gupta will be relieved from his services effective May 31, 2023.
This development comes just ahead of the company's scheduled announcement of its March quarter results. It is widely anticipated that the quarterly results may have been impacted following regulatory restrictions imposed on its associate firm, Paytm Payments Bank Ltd (PPBL).
Meanwhile, Paytm announced that Gupta will transition to an advisory role, while Varun Sridhar has been appointed as the new CEO of Paytm Services Pvt Limited. The firm also welcomed Rakesh Singh as the new CEO for Paytm Money.
Paytm founder and CEO Vijay Shekhar Sharma expressed his gratitude to Gupta for his contributions and wished him well in his future endeavors. Sharma also highlighted the company's focus on payments and lending and expressed excitement about the direction taken under Varun Sridhar's leadership to expand Paytm's role in mutual fund and wealth management products.
Rakesh Singh, the new CEO of Paytm Money, expressed his honor and responsibility in taking on the role. He outlined his focus on scaling the business, delivering innovative products, and ensuring compliance with regulations.
The leadership changes at Paytm are seen as a sign of the company's continued commitment to growth and innovation in the digital payments and financial services sector.
It remains to be seen how Gupta's departure will impact Paytm's operations and long-term strategy. However, the company's strong leadership team and focus on customer-centricity are expected to continue driving its success in the future.
Source: Bhavesh Gupta, Paytm COO and President, resigns; cites personal reasons