In a significant shift, Neeraj Arora, the former Chief Business Officer of WhatsApp, has resigned from the board of One97 Communications, the parent company of fintech giant Paytm.
“The Board, at its meeting held on June 17, 2024, took note of the resignation tendered by Shri Neeraj Arora, Non-Executive Independent Director of the Company on account of pre-occupation and other personal commitments. He will accordingly cease to be a Non-Executive Independent Director, with effect from the closure of business hours on June 17, 2024,” Paytm said in the regulatory filing.
During his tenure, Arora played a crucial role in negotiating WhatsApp’s merger deal with Facebook and later co-founded Hallo App, a social networking platform, as well as the venture capital firm Venture Highway.
Also read: Surinder Chawla steps down as MD & CEO of Paytm Payments Bank
In light of Arora’s resignation, Paytm has appointed Rajeev Krishnamuralilal Agarwal, a former whole-time director of the Securities and Exchange Board of India (SEBI), as an independent director for a five-year term. Agarwal’s extensive experience at SEBI, where he oversaw key policies in equity markets, bonds, currency, commodities, mutual funds, foreign investments, international affairs, and corporate governance, is expected to bolster Paytm’s governance framework.
Agarwal is particularly noted for his role in the 2012 revival package for the Mutual Fund Industry, highlighting his proficiency in regulatory and market affairs. His onboarding is seen as a strategic move to enhance Paytm’s regulatory compliance and corporate governance standards as the company continues to expand its footprint in the fintech sector.
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