Paytm's President and COO Bhavesh Gupta Resigns, Citing Personal Reasons Paytm Money's former CEO Varun Sridhar has been named CEO of Paytm Services.

The digital payments and financial services firm Paytm has announced the resignation of its Chief Operating Officer (COO) and president, Bhavesh Gupta, via a regulatory filing on May 4.

Bhavesh Gupta said that he will be leaving his position to take a career break for personal reasons, with effect from May 31. Noting the company's recent strong leadership in the payments and financial services industries, he also voiced confidence in Paytm's future course.

This move is part of a broader company reorganisation, according to Paytm.

The company stated in a filing, "His resignation has been accepted by the company, and he will be relieved from the services of the company w.e.f. the close of business hours on May 31, 2024."

In addition to Bhavesh Gupta's resignation, Paytm has seen other notable leadership transitions. Former Paytm Money CEO Varun Sridhar has been named CEO of Paytm Services, a subsidiary that distributes wealth management products and mutual funds.

On the social media platform X (formerly Twitter), Paytm wrote, "We're excited to announce leadership changes as we double down on our payments and financial services offerings. Strengthening succession planning, Bhavesh Gupta transitions to advisory role while Varun Sridhar becomes CEO of Paytm Services Pvt Ltd. Welcome aboard Rakesh Singh, our new CEO for Paytm Money!"

Furthermore, Paytm Money's new CEO will be Rakesh Singh, a former Fisdome stockbroking business CEO.

In the last month, Paytm Payments Bank's MD and CEO Surinder Chawla resigned, while Paytm's senior vice president of business Praveen Sharma quit the firm in March. Following the Reserve Bank of India's clampdown on PPBL, Paytm founder and CEO Vijay Shekhar Sharma stepped down as the non-executive chairman of the bank's board, while OCL's nominee director Gupta also left the board.