Paytm appoints financial services veteran GS Sundararajan to its board

Ltd., which runs digital payments firm , has appointed financial services veteran GS Sundararajan as an independent director to its board, the company said in a stock exchange filing. Sundararajan has been appointed for a term of five years until August 27, 2027. Sundararajan was earlier the group director of Shriram Group and was also the chief executive officer (CEO) and managing director (MD) of Fullerton India Credit Company Ltd., a registered non-banking finance company which caters to retail and commercial mass market customers.

Prior to Fullerton, Sundararajan was the MD of small and medium enterprises (SME) and asset based finance business practice at Citibank India.

Along with this, Paytm also announced the retirement of long-time independent director, Mark Schwartz, upon completion of his tenure. Paytm had appointed former chairman of Goldman Sachs’ Asia Pacific region, Schwartz to its board in October 2016.

“Having worked with Mark for the last five years, I have gained a friend, mentor and guide who has an exemplary understanding of how businesses can grow and scale. I want to extend my gratitude and thank Mark for his support over the years. I would also like to take this opportunity to welcome GS Sundararajan, a respected leader in the banking and financial industry, to our board,” said Vijay Shekhar Sharma, founder and chief executive officer (CEO), Paytm.

The changes to Paytm’s board come at a time when shareholders, last week, approved the resolution
to reappoint founder Sharma as managing director of the company for five years from December 19, 2022 until December 18, 2027. Other resolutions which shareholders passed included Sharma’s remuneration for the next three financial years, reappointment of Madhur Deora as executive director, president and chief financial officer (CFO) of the company, reappointment of early-backer Elevation Capital’s co-managing partner, Ravi Adusumalli as director of the company.

“As I move on from its Board, I remain excited about its future, and will continue to cheer for Paytm. I wish Vijay and the team all the best in his future endeavors,” said Schwartz in a prepared statement filed with the exchanges.

“Paytm is a pioneer in the digital payments space in India and a household name. The company’s trajectory towards being a financial services giant is phenomenal, as it leverages its digital reach to drive financial inclusion. I’m looking forward to my association with Paytm and Vijay, a visionary entrepreneur,” said GS Sundararajan.

Stock price of Paytm closed at Rs 761.85 apiece on Friday, down 0.8% from its previous close.

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