Digital payment major Paytm has elevated Vikas Garg to the position of Chief Financial Officer (CFO), according to the regulatory filings accessed by Techpluto. Garg previously handled the designation of deputy CFO of the Noida headquartered company and has replaced Madhur Deora, who was elevated to the newly created position of President in September last year.
However, the promotion of Garg to the CFO position has gone largely unnoticed by the media glare as Paytm hasn’t released any official statement with regards to the same. Interestingly, Garg’s LinkedIn profile still mentions his old designation, i.e. Deputy CFO while Deora’s LinkedIn profile also remains unchanged.
But company’s regulatory filing filed in the month of March clearly states that Garg has given his consent to act as the CFO of Paytm.
Techpluto has dashed out a mail to Garg to confirm his elevation and is still awaiting his reply. We’ll update this news article as and when we’ll get the reply.
This is Garg’s second stint with the Alibaba backed payment company. According to Garg’s LinkedIn profile, he was DGM Finance at Paytm from 2008 to 2012. In 2012, he left the Noida based company to join Ibibo Web Pvt Ltd as Director of Finance. He rejoined Paytm in 2014 as Vice President Finance and was officially elevated to the position of Deputy CFO in April last year.
Garg has always been amongst the most powerful persons in Paytm’s organizational hierarchy and is considered to be one of the close confidants of Vijay Shekhar Sharma, founder & CEO of Paytm. He is supposed to have played a key role in scaling up the finance process and is amongst the early members who have helped to build the company from scratch.
Garg’s sustained loyalty with the company is noteworthy considering that Paytm and its subsidiaries have recently witnessed exodus of several top management officials. Pravin Jadhav, MD & CEO Paytm Money and Puneet Jain, Senior Vice President Paytm, recently bid adieu to the company. Along with them, Paytm Mall’s CFO Rudra Dalmia also quit the organization.
Experts claim that exodus of these top officials surely doesn’t spell good news for the company, which is already facing huge competitive pressure from all its rivals. Experts add that Jadhav and Jain’s resignation will especially cast some long term shadow since both have played a key organizational role during their tenure.
Puneet Jain Joins Hindustan Times Digital News
Meanwhile, Puneet Jain has joined Hindustan Times Digital News. He will be the new CEO of HT’s digital news platform and will replace the outgoing CEO Abhesh Verma. Verma was appointed as the CEO of HT digital News in June last year. Jain announced about his new job on his Twitter handle and has even updated his LinkedIn profile.
“After 6 amazing years at Paytm, I am moving on from Digital Payments and entering Digital Media with the venerable Hindustan Times. I will always live the Paytm values of speed, execution, resilience. I wish Paytm and Vijay Shekhar Sharma continued success,” Jain said in his tweet.
In his new role, Jain will be looking after all the digital brands of the New Delhi based Hindustan Times including Hindustantimes.com, Livehindustain.com and Livemint.com.