New Delhi: Paytm, a digital payment company, announced on Saturday that its founder Vijay Shekhar Sharma had been reappointed as managing director and chief executive officer till May 2027, extending his stay by five years. One97 Communications, PayTm’s parent company, reported in a filing with the BSE on Saturday, May 21, that the business’s board of directors had accepted Sharma’s reappointment 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 said in the regulatory filing.
PayTm said in the filing that additional director Madhur Deora has been appointed as a full-time director, and that he will continue to serve as the company’s chief financial officer. “Appointment of Mr. Madhur Deora (DIN: 07720350), Chief Financial Officer of the Company as an Additional Director w.e.f. May 20, 2022,” the board said. Furthermore, the Board has approved the appointment of Mr. Madhur Deora as a “Whole-time Director and Chief Financial Officer” of the Company for a five-year term beginning May 20, 2022 and ending May 19, 2027.”
“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 said.
Sharma was named to Time magazine’s ‘2017 Time 100’ list of the world’s “hundred most important individuals.” Vijay has also received numerous industry awards, including the All India Management Association’s ‘Entrepreneur of the Year’ award in 2018, ‘Entrepreneur of the Year’ at the ET Awards for Corporate Excellence’ in 2016, and ‘GQ Man of the Year’ in 2016.
The move comes only a day after PayTm released its financial results for the quarter ended March 31, reporting a combined loss of Rs 761.4 crore due to increased payment processing charges and employee benefit expenses. At the same time a year ago, the company had lost Rs 441.8 crore.
The company’s EBITDA loss (before ESOP) for FY’22 improved by 8% year over year to Rs 1,518 crore from Rs 1,655 crore the year before. “In addition, the company had non-cash ESOP expenses of Rs 809 crore,” it said. One97 Communications’ (OCL) revenue increased by nearly 89 percent to Rs 1,540.9 crore in the quarter, compared to Rs 815.3 crore the year before, according to PayTm.