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In a recent development, Bhavesh Gupta, the Chief Operating Officer (COO) and President of Paytm, has tendered his resignation citing personal reasons. This announcement comes as a significant change in leadership within the fintech giant.
According to a statement released by Paytm, Gupta, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. His resignation has been accepted by the company, and he will transition to an advisory role, providing guidance for Paytm’s growth initiatives until the end of the year.
In his official resignation letter addressed to Paytm founder Vijay Shekhar Sharma, Bhavesh Gupta expressed his inability to continue as President and COO due to personal reasons. His last working day will be May 31, 2024, after which he will act as an Advisor in the CEO office of the company.
This development comes just ahead of Paytm’s scheduled release of its financial results for the March quarter of 2024. It is anticipated that the company’s financial performance for this quarter may be impacted by restrictions imposed on its associate firm, Paytm Payments Bank Limited (PPBL).
In light of this change in leadership, Paytm has also announced a shift in its leadership structure. Rakesh Singh has been appointed as the new Chief Executive Officer (CEO) of Paytm Money, while Varun Sridhar, who previously headed Paytm Money, will now serve as CEO of Paytm Services, which focuses on the distribution of mutual funds and other wealth management products.
This resignation marks a notable transition within Paytm’s leadership team and underscores the dynamic nature of the fintech industry as it navigates challenges and opportunities in the digital payments and financial services landscape.
Sources By Agencies
