Praveen Sharma, Senior VP at Paytm, calls it quits
Praveen Sharma, the Senior Vice President of Business at Paytm, has tendered his resignation, according to a recent company disclosure. Sharma is set to officially vacate his position on March 31. In his farewell note, he hinted at pursuing "other opportunities" after leaving the company. Before joining Paytm, Sharma served in leadership positions at Google for nearly a decade, with a focus on India and the Asia-Pacific region.
Paytm witnesses a spate of prominent departures
Sharma's exit is the latest in a series of notable departures from the firm. On February 26, Vijay Shekhar Sharma relinquished his position on the Board of Paytm Payments Bank Ltd (PPBL) to enable board restructuring. This decision followed the Reserve Bank of India's imposition of substantial business limitations on PPBL on January 31, which included barring new deposits and credit transactions after February 29.
Paytm refutes claims of workforce downsizing
In response to recent rumors about job losses, Paytm has dismissed claims of a 25-50% workforce downsizing in certain business areas. In the same filing, the company described these reports as "baseless" and misrepresenting its operational and strategic planning. At present, Paytm is conducting its annual performance review process, a standard organizational practice designed to evaluate and improve the performance of the team.
Performance and role alignment process is standard across companies
The procedure for assessing performance and aligning roles is standard across various industries. Paytm clarifies that its restructuring initiatives and performance-based adjustments have been misunderstood as layoffs. The filing emphasizes Paytm's dedication to growth and operational efficiency while maintaining the stability of its workforce.
