CEO change at Paytm Group, New Days?

Bhavesh Gupta, the chief operating officer and president of One97 Communications-owned Paytm, has resigned from his position due to personal reasons. Gupta’s departure marks the fourth high-profile exit at the Paytm Group within the past month.

In an email addressed to Paytm’s MD and CEO Vijay Shekhar Sharma, Gupta expressed his inability to continue as President & COO, effective from the close of business hours on May 31, 2024. He stated his intention to step down and requested to be relieved accordingly. Additionally, Gupta mentioned his commitment to support Sharma and the organization in an advisory capacity from the CEO office.

One97 confirmed Gupta’s departure in a disclosure filed on the National Stock Exchange, indicating that his services will conclude on May 31, 2024.

ESOP Allotment and Recent Resignations

In a separate development, Paytm announced the issuance of fresh employee stock options (ESOPs) for eligible staff under its ESOP plan 2019. The company approved the allotment of 87,373 equity shares, each with a face value of Re 1, as fully paid-up to eligible employees.

This recent resignation follows a series of executive departures from Paytm. Last month, Surinder Chawla, CEO and managing director of Paytm Payments Bank, resigned from his position. Similarly, Sumit Mathur, the chief marketing officer (CMO), left Paytm to assume the role of Country Head at Glanbia Performance Nutrition.

Earlier this month, Varun Sridhar, CEO of Paytm Money, also submitted his resignation. One97 disclosed that Sridhar will shift his focus to the distribution of mutual funds and wealth management products, while Rakesh Singh has been appointed as the new chief executive of Paytm Money.