Bhavesh Gupta, the current COO and president of Paytm, which is owned by One97 Communications, has submitted his resignation due to personal reasons.
This marks the fourth high-profile departure from the Paytm Group in the past month. In a letter sent to Paytm’s MD and CEO Vijay Shekhar Sharma, Gupta stated that he will be stepping down from his role as President & COO on May 31, 2024, and will no longer be able to continue due to personal reasons.
However, he will remain as an advisor in the CEO’s office to support Sharma and the company. One97 has officially announced Gupta’s departure in a disclosure filed on the National Stock Exchange, stating that he will be relieved from his duties on the specified date.
In other news, Paytm has recently granted eligible employees stock options under its 2019 ESOP plan, with 87,373 equity shares being allotted. Paytm’s CEO and managing director of Paytm Payments Bank, Surinder Chawla, resigned last month, and Sumit Mathur, the chief marketing officer, left to join Glanbia Performance Nutrition as the country head.
Varun Sridhar, the CEO of Paytm Money, also resigned earlier this month, and Rakesh Singh has been appointed as the new chief executive of Paytm Money. One97 has stated that Sridhar will now focus on the distribution of mutual funds and wealth management products.
