As per recent reports, extremely popular Fintech giant Paytm appointed financial services veteran GS Sundararajan to its board as an independent director, the company mentioned in a filing with the stock exchange. Sundararajan is known to have been the group director of Shriram Group and was the managing director as well as CEO of Fullerton India Credit Company, an NBFC.
Before that, he was the MD of SME and asset-based finance business for Citibank India. “Paytm is a pioneer in the digital payments space in India and a household name. The company’s trajectory towards being a financial services giant is phenomenal, as it leverages its digital reach to drive financial inclusion,” Sundararajan said about his appointment to the Board.
In addition to this, Paytm also said its independent director, Mark Schwartz will retire from its board upon the completion of his tenure. Moreover, One97 communications, the parent company of Paytm, last week is said to have approved reappointed founder Vijay Shekhar Sharma as its managing director for five years, until December 2027.
Furthermore, the reappointment came after institutional investor Advisory Services India (IiAS), a Mumbai-based proxy advisory firm simply advised Paytm shareholders to vote against the reappointment of Vijay Shekhar Sharma as the chief executive officer (CEO) for another five years.
“Vijay Shekhar Sharma has made several commitments in the past to make the company profitable. However, these have not played out. We believe the board must consider professionalizing the management,” the report read.
Lastly, “Paytm is a household name in India and a pioneer in the digital payments market. As it harnesses its digital reach to foster financial inclusion, the company’s trajectory toward becoming a financial services behemoth is extraordinary. I’m excited to be working with Paytm and Vijay, a brilliant entrepreneur,” GS Sundararajan stated. Paytm’s stock price finished at Rs 761.85 a share on Friday, down 0.8% from the previous closing.
Reading so far, I hope you must have gotten a fair insight into Paytm appointing financial services veteran GS Sundararajan to its board, and by now I believe you will be able to decide on your own whether or not you think it was the right thing to do and what do you think will be their next step!
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