New Delhi: Digital payment company Paytm announced on Saturday that it is re-appointing the Founder Vijay Shekhar Sharma as CEO and Managing Director of the company till May 2027. The re-appointment will be in effect until December 18, 2027, the fintech said in a stock exchange filing.
The statement by Paytm also said that CFO Madhur Deora has been appointed as Additional Director, designated as Whole-time Director, and Chief Financial
Officer of the Company for a tenure of 5 years effective from May 20, 2022, to May 19, 2027. Hence Deora’s tenure has also been increased by five years.
One97 Communications, which is Paytm’s parent company, made the announcement after a board meeting, the statement said.
On Sharma’s re-appointment, the fintech said, “Vijay Shekhar Sharma is an Indian technology entrepreneur who has played an instrumental role in revolutionizing the digital payments and financial services landscape in India as the Chairman, Managing Director and CEO of One97 Communications and its consumer brand Paytm. Under his guidance, Paytm is on a mission to bring half a billion Indians into the mainstream economy.”
It further said, “He has featured in '2017 Time 100', the list of 'hundred most influential people in the world' by Time magazine. Vijay has also been bestowed with multiple industry honours such as the 'Entrepreneur of the Year' award in 2018 by All India Management Association, 'Entrepreneur of the Year' at ET Awards for Corporate Excellence' in 2016 and 'GQ Man of the Year' in 2016.”
The announcement came a day after the company declared its consolidated loss to be widening to Rs 761.4 crore for the quarter ended March 2022 on account of rise in payment processing charges and employees benefit expenses. Last year, the company declared a loss of Rs 441.8 crore in the same quarter.