In a significant development, Bhavesh Gupta, the President and Chief Operating Officer of One97 Communications, the parent company of Paytm, has officially resigned from his position. This announcement was made in an official statement released on Saturday. The resignation of Bhavesh Gupta comes as part of a restructuring in the leadership hierarchy within the fintech giant Paytm.Leadership Changes at Paytm Money and Paytm ServicesFollowing Bhavesh Guptas departure, Paytm has appointed Rakesh Singh as the new Chief Executive Officer (CEO) of Paytm Money, a subsidiary focused on financial services. Additionally, Varun Sridhar, who previously led Paytm Money, has been appointed CEO of Paytm Services. Paytm Services primarily deals with the distribution of mutual funds and other wealth management products.Transitioning to an Advisory RoleThe official statement mentioned that Bhavesh Gupta, who was responsible for overseeing the payments and lending businesses at Paytm, has chosen to take a career break due to personal reasons. Despite his resignation from the operational role, Gupta will transition to an advisory position within Paytm. In this capacity, he will provide guidance and strategic direction for Paytms growth initiatives until the culmination of this year.Resignation in the Banking UnitThis development follows another recent resignation within the Paytm ecosystem. On April 9, Surinder Chawla stepped down from his role as Chief Executive Officer (CEO) of Paytm Payments Bank, citing personal reasons. Chawlas resignation occurred at a time when Paytm Payments Bank was facing regulatory challenges, including prohibitory actions from the Reserve Bank of India (RBI), the banking regulator in India.These leadership changes and resignations highlight the dynamic landscape within Paytm and its subsidiaries, signalling a period of transition and strategic realignment within the organisation.
