Paytm CBOs Ajay Vikram Singh, Bipin Kaul step down amid restructuring
Last week, Bhavesh Gupta, President and Chief Operating Officer of One97 Communications, the parent company of Paytm, also resigned from his position.
Ajay Vikram Singh, Chief Business Officer (CBO) overseeing UPI and User Growth, along with Bipin Kaul, CBO for Offline Payments, are stepping down from their roles at Paytm.
While did not confirm the departures, the company said it is going through a restructuring process. It also said in a statement that Founder and CEO Vijay Shekhar Sharma is going to have a more hands-on approach towards various operations at Paytm.
"We are committed to ensuring sustained growth across key business verticals as we are going through a restructuring initiative that signals a reinvigorated approach under Paytm’s CEO. These changes are part of our approach to strengthen Paytm’s next line of leaders," a Paytm spokesperson said in a statement.
"These robust leaders will work directly with the CEO and other senior management leaders fostering innovation and strengthening the group structure for sustainability and regulatory compliance. As and when we have further updates, we will continue to engage with concerned stakeholders," the statement added.
During the last three years in his role as Chief Business Officer - Offline Payments, Bipin Kaul was responsible for driving payment volumes via QR codes, sound boxes, and card machines (POS Terminals).
MoneyControl was the first to report on the development.
Last week, Bhavesh Gupta, President and Chief Operating Officer of One97 Communications, the parent company of Paytm, also resigned from his position.
In a BSE filing, One97 Communications stated, "Bhavesh Gupta, President and Chief Operating Officer, who oversaw the payments and lending businesses, decided to take a career break due to personal reasons." The filing further mentioned that Gupta would transition to an advisory role, providing guidance for Paytm's growth initiatives until the end of the year.
Varun Sridhar, formerly associated with Paytm Money, took over as the head of the wealth division as CEO of Paytm Services—the neobank's subsidiary dedicated to distributing mutual funds and other wealth management products. He is being replaced by Rakesh Singh, the former CEO of wealth management firm Fisdom’s broking arm.
Earlier in April, Surinder Chawla had resigned from the post of Managing Director and CEO at Paytm Payments Bank Limited, citing personal reasons and career advancement.
In February, Vijay Shekhar Sharma had resigned from the Board of Paytm Payments Bank Ltd (PPBL), relinquishing his role as part-time non-executive chairman amid restructuring efforts within the troubled bank.
On March 1, Paytm's Board approved the discontinuation of inter-company agreements with its associate entity, PPBL, aiming to simplify governance and support PPBL independently. The company made the decision in light of the RBI's restrictions on PPBL.
Edited by Kanishk Singh