Paytm, a digital payment business, stated on Saturday that Vijay Shekhar Sharma, the company’s founder, has been reappointed as managing director and chief executive officer till May 2027, a five-year extension. One97 Communications, PayTm’s parent company, said in a filing with the BSE on Saturday, May 21, that Sharma’s reappointment had been approved by the company’s board of directors during a meeting the day before.
“We wish to inform you that based on the recommendations of the Nomination and Remuneration Committee and subject to the approval of Shareholders, the Board of Directors of the Company (“Board”), at their meeting held on May 20, 2022, have considered and approved re-appointment of Mr. Vijay Shekhar Sharma (DIN: 00466521) as “Managing Director & Chief Executive Officer” of the Company for a tenure of 5 years effective from December 19, 2022 to December 18, 2027,” PayTm stated in the regulatory filing.
Additional director Madhur Deora has been appointed as a full-time director at PayTm, and he will continue to operate as the company’s chief financial officer, according to the filing. The board announced the appointment of Mr. Madhur Deora (DIN: 07720350), the Company’s Chief Financial Officer, as an Additional Director, effective May 20, 2022.
Furthermore, the Board has authorised Mr. Madhur Deora’s appointment as the Company’s “Whole-time Director and Chief Financial Officer” for a five-year period beginning May 20, 2022 and ending May 19, 2027.”
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“Vijay Shekhar Sharma is an Indian technology entrepreneur who has played an instrumental role in revolutionizing the digital payments and financial services landscape in India as the Chairman, Managing Director and CEO of One97 Communications and its consumer brand Paytm. Under his guidance, Paytm is on a mission to bring half a billion Indians into the mainstream economy,” PayTm shared.
Sharma was included in Time magazine’s “2017 Time 100” list of the world’s “hundred most influential people.” Vijay has also won various industry honors, including ‘Entrepreneur of the Year’ from the All India Management Association in 2018, ‘Entrepreneur of the Year’ from the ET Awards for Corporate Excellence in 2016, and ‘GQ Man of the Year’ from GQ in 2016.
The action comes only a day after PayTm reported a combined loss of Rs 761.4 crore for the quarter ended March 31, owing to increasing payment processing charges and employee benefit expenses. The company had lost Rs 441.8 crore a year before at this time.
The company’s EBITDA loss (before ESOP) improved by 8% in FY’22, to Rs 1,518 crore from Rs 1,655 crore the previous year. “In addition, the company incurred Rs 809 crore in non-cash ESOP expenses,” it added. According to PayTm, One97 Communications’ (OCL) revenues climbed by over 89 percent in the quarter to Rs 1,540.9 crore, up from Rs 815.3 crore the year before.