Business News / Bhavesh Gupta, President and COO of Paytm's parent company, resigned, the company issued a statement

Business News: Bhavesh Gupta, President and COO of Paytm's parent company One97 Communications, has resigned from the company. The company said in an official statement on Saturday that the fintech firm has decided to reshuffle the senior management team, under which Rakesh Singh has been appointed as the CEO of Paytm Money. The company said in a statement that Gupta has decided to take a career break due to personal reasons. He was overseeing the payments and loan business of Paytm.

The company issued a statement

The company has made Varun Sridhar, who was heading Paytm Money till now, as the CEO of Paytm Services. Paytm Services is involved in the distribution business of mutual funds and other money management products. Bhavesh Gupta, president and chief operating officer, who oversees the payments and lending business, has decided to take a leave of absence from work due to personal reasons, the statement said. By the end of the year, he will move into the role of advisor, providing guidance for the development work of Paytm.

Bhavesh Gupta's statement

While resigning, he said that he is taking this decision due to personal reasons. He said that I am excited to support Paytm as a consultant. I am confident that Paytm will reach new heights. Earlier, Surinder Chawla, Managing Director and CEO for Paytm Payments Bank, had also resigned from his post citing personal reasons. Before that, Vijay Shekhar Sharma himself had resigned from the non-executive post of the company.

Vijay Shekhar had resigned in February

Vijay Shekhar Sharma, who started Paytm, was also removed from the board of Paytm Payments Bank on 26 February. Then the company had to give this information by issuing a press release. Let us tell you that Vijay Shekhar Sharma is the person with the highest number of shareholders in Paytm. At that time Paytm Payments Bank had announced the reconstitution of the board. Some new people were included in the board, including the name of former Central Bank of India Chairman Srinivasan Sridhar. Also, retired IAS Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg and retired IAS Rajni Sekhri Sibal were included in the board.