IPO-bound Paytm which is expected to file its draft red herring prospectus, next week, has seen two senior executives call it quits, at the firm, according to two individuals aware of the matter.
Amit Nayyar, president at Paytm, who was heading the financial services division at the Noida-based payments major, put down his papers last month, said the above-quoted persons. Nayyar had joined Paytm in August 2019, and has been overseeing the company’s lending, insurance distribution, wealth management, and stockbroking business.
Nayyar was roped in from client advisory firm, Arpwood Capital, where he served as the managing director, and led the mergers and acquisitions practice.
Paytm’s board has accepted Nayyar’s resignation, said the second individual quoted above.
Last month, the company’s chief human resources officer, Rohit Thakur also exited the company, after an 18-month stint.
Nayyar and Thakur aren’t the only executives which have exited Paytm, this year.
In February, Jaskaran Singh Kapany, Paytm’s head of marketing also called it quits, after spending close to six years at the payment major, and joined Xiaomi India as its chief marketing officer. Currently, Abhinav Kumar, vice president of marketing at Paytm is heading the company’s marketing function.
“As a company, we do not comment on personnel changes. We have built an incredible management team with some of the most reputed names in the industry, who are focused on driving growth at Paytm," said a Paytm spokesperson replying to Mint’s queries.
Earlier this month, Paytm’s parent, One97 Communications Ltd., reshuffled its board of directors. Douglas Lehman Feagin, senior vice president, at Ant Group has joined Paytm’s board replacing Ant Group chairman and chief executive officer, Jing Xiandong (Eric).
Ash Lilani, managing partner at Saama Capital was appointed as an independent director to Paytm’s board. Michael Yuen Jen Yao from Alibaba Group Holding Ltd. and Todd Anthony Combs, investment manager at Berkshire Hathaway, retired by rotation from One97’s board.
Earlier in 2019, Paytm saw a spade of exits, across its leadership team.
This included, former senior vice president of product, Deepak Abbot and former head of Paytm’s lending business, Nitin Misra, who left the company to start digital gold services platform, Indiagold. Amit Sinha, former head of Paytm Mall and Kiran Vasireddy, former chief operating officer of Paytm also quit the firm in 2019. In April, last year, Pravin Jadhav, managing director of Paytm’s wealth management business, Paytm Money, also left the firm, due to growing differences with the company’s management.
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Senior executives call quits at IPO-bound Paytm - Mint
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