Patym parent co president and COO quits

MUMBAI: One97 Communications (OCL), which owns brand Paytm, on Saturday said the company's president and chief operating officer (COO) Bhavesh Gupta has resigned from his position. Gupta, whose resignation comes amid a series of recent top level exits at the Noida-based fintech, will however move to an advisory role in the CEO office.
Gupta quit citing personal reasons and his last day with the organisation-which has come under regulatory scrutiny due to non-compliance at its banking unit-will be on May 31.The company notified the stock exchanges about the development late Saturday following a board meeting.
Paytm, which also announced leadership changes within, claimed that the move was part of organisational restructuring which will ensure company's growth across key business verticals and strengthening of the group's structure for regulatory compliance.
Varun Sridhar, former head of Paytm Money, will now take over as the CEO of Paytm Services, focusing on the distribution of mutual funds and wealth management products. Rakesh Singh, former CEO of the stock broking business at Fisdom, has been appointed as the new CEO of Paytm Money.
"Bhavesh Gupta who was overseeing payments and lending businesses has decided to take a career break due to personal reasons," the firm has said in a statement.
The stock price of Paytm ended at Rs 370.20 apiece on the BSE on Friday, down 0.38%.