Digital payments platform Paytm has extended the tenure of company founder Vijay Shekhar Sharma as managing director (MD) and chief executive officer (CEO) till December 18, 2027.
“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 Vijay Shekhar Sharma as ‘Managing Director & Chief Executive Officer of the Company for a tenure of 5 years effective from December 19, 2022, to December 18, 2027,” One 97 Communications said in a regulatory filing to the stock exchanges.
The company board has also appointed chief financial officer (CFO) Madhur Deora as a whole-time director for five years and approved a Rs 950-crore investment across tranches for its joint venture Paytm General Insurance (PGIL) company.
PGIL was incorporated in 2018 but has not yet obtained a license from the insurance regulator. It was incorporated as a 49:51 JV between One97 Communications and Sharma's company VSS Holdings. The board has approved hiking its stake and converting the company into a subsidiary with a 74% stake.
According to the company, the customer monetisation is gaining momentum with increasing engagement, and merchants who started their digital payments journey with free products such as QR code acceptance now adopting device subscription and lending.
The statement further noted, “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.”