Paytm’s COO Bhavesh Gupta Resigns, Shifts to Advisory Role Amid Organisational Restructuring

• ByStartupStory     |    May 6, 2024

Shares of One 97 Communications Ltd (Paytm) took center stage this Monday morning following the announcement of the resignation of Bhavesh Gupta, the President and Chief Operating Officer (COO) of the company. Gupta will be transitioning into an advisory role as part of an overall organizational restructuring, according to a statement released by Paytm.

Gupta’s move to an advisory position will become effective upon the close of business hours on May 31, 2024. He expressed his reasons for stepping down due to personal circumstances and pledged to continue supporting Paytm in his advisory capacity.

In a letter addressed to Vijay Sekhar Sharma, Gupta conveyed his decision, stating, “Due to personal reasons, I will be unable to continue as President and COO with effective close of business hours on May 31. I suggest that I would support the organization in my capacity as an advisor in the CEO office.”

Gupta, who had been responsible for overseeing the payments and lending businesses at Paytm, will now shift his focus to offering guidance and support for the company’s growth initiatives until the end of this year.

Paytm emphasized that its leadership is committed to focusing on profitable business expansion and ensuring regulatory compliance in light of recent challenges. This move comes amidst a broader strategy to strengthen leadership roles within the organization.

“The company has also undertaken leadership transitions within its wealth subsidiary where Rakesh Singh has recently been appointed as the new Chief Executive Officer of Paytm Money Ltd (PML). With over two decades of experience, Rakesh Singh was previously the CEO of the stock broking business at Fisdom, and has held key management positions with ICICI Securities and Standard Chartered Bank,” Paytm said.

Regarding the recent developments, Paytm shared, “The Board of Directors of the company at its meeting held on May 04, 2024 took note of the resignation tendered by Bhavesh Gupta, President and Chief Operating Officer of the company (‘Senior Management Personnel’) vide his letter dated May 04, 2024. His resignation has been accepted by the Company and he will be relieved from the services of the Company w.e.f. close of business hours on May 31, 2024.”

Despite challenges faced in recent months, Paytm remains optimistic about its future direction and highlighted the seasoned leadership team that will continue to drive the company forward.

“This seasoned leadership team will now work directly with Paytm’s CEO and other senior management. The company has been focusing on strengthening the roles of its next line of leaders and robust succession planning,” Paytm noted.

Paytm’s shares closed at Rs 370 on Friday, down 0.59 per cent. The stock has experienced a decline of 58 per cent over the last six months, primarily due to the RBI ban on Paytm Payments Bank from accepting fresh deposits and carrying out transactions.

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