NEW DELHI: Ahead of the company’s scheduled announcement of the March quarter results for fiscal year 2024, Paytm’s parent company One97 Communications president and CEO Bhavesh Gupta has resigned, an official statement said on Saturday. As part of a change in leadership structure, fintech firm Paytm has appointed Rakesh Singh as chief executive officer of Paytm Money.
The company has moved Varun Sridhar, who was heading Paytm Money, as CEO of Paytm Services -- which deals in the distribution of mutual funds and other wealth management products. “Bhavesh Gupta, President and CEO, who was overseeing the payments and lending businesses, has decided to take a career break due to personal reasons. He will be transitioning to an advisory role, offering guidance for Paytm’s growth initiatives until the end of the year,” it said. It is widely anticipated that the quarterly results may have been impacted following regulatory restrictions imposed on its associate firm, Paytm Payments Bank Ltd (PPBL).