Resignations of top officials from troubled fintech company Paytm are continuing. A few days ago, the company’s President and COO, Bhavesh Gupta, submitted his resignation. He was considered close to the company’s founder, Vijay Shekhar Sharma. The news of his departure came as a shock to investors. The company’s stock went down about 5 per cent on Tuesday.
Now, two more senior officials have resigned from Paytm. The company’s Chief Business Officer (UPI and User Growth), Ajay Vikram Singh, and Offline Payments Chief Business Officer, Bipin Kaul, are among those who resigned.
Resignations Are Happening In Large Numbers As A Result Of Restructuring Of Management.
According to the Money Control report, Paytm will release its January-March quarterly and annual report by the end of this month. These resignations that happened before then resulted from the restructuring of the company management. Paytm said that it is going through a restructuring phase. We call it strengthening the leadership of the next generation. We are entirely dedicated to taking the company forward. The company said that Bhavesh Gupta left his post for personal reasons. He will remain with the company as a consultant.
Bipin Kaul and Ajay Vikram Singh Left The Company
Bipin Kaul has been working with Paytm for almost three years. He used to handle offline digital payments, retail business, QR codes, soundbox, and card machines. Before this, he held senior positions at IndusInd Bank, IDFC First Bank, and ICICI Bank. Ajay Vikram Singh was earlier associated with Xiaomi. He joined Paytm in 2021.
Many Big Names Leave After Paytm Payments Bank Was Banned
Reserve Bank of India banned Paytm Payments Bank about three months ago. Since then, there has been turmoil in the company. Senior officers are leaving their posts one after another. Earlier, Payments Bank MD, CEO Surinder Chawla, One 97 Communications Chief Marketing Officer Sumit Mathur, and Senior Vice President Praveen Sharma had also decided to leave the company. Apart from this, Paytm Money CEO Varun Sridhar has been removed, and Rakesh Singh has been appointed.
