Vijay Shekhar Sharma reappointed as Paytm’s MD and CEO for another five years
- ByStartupStory | August 23, 2022
Vijay Shekhar Sharma has been reappointed as the Managing Director and Chief Executive Officer of the financial services platform Paytm. The choice was made at the 22nd Annual General Meeting (AGM) of One97 Communications Limited (OCL), the business that controls the Paytm brand, the largest provider of financial services and digital payments in India as well as the inventor of QR codes and mobile payments. This was the organization’s first AGM after going public.
The company announced on its Twitter handle, “We appreciate the encouraging response to our first AGM as a public business from our shareholders. Our MD and CEO, Vijay Shekhar Sharma, will continue to lead and direct us with resounding support. All resolutions at our 22nd AGM have been duly passed.”
Vijay Shekhar Sharma has been reappointed as the managing director of the company for another five years and has been given the title of “managing director and the chief executive officer” by the company’s shareholders, who voted in his favour with a 99.67% majority.
According to an official statement, “the overwhelming votes of over 100% in favour of his reappointment indicate investors’ faith in the company’s leadership and also show that they remain confident about the company’s development and profitability target.”
In addition, Sharma further disclosed that his employee stock ownership plans (ESOPs) will vest only when the market cap crosses the initial public offering (IPO) level on a consistent basis in a letter to shareholders dated April 6, 2022. The ESOPs were already approved by the shareholders and in accordance with all applicable laws and permissions, the company claimed in a statement.
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