Mumbai Bengaluru: Paytm has shifted its CEO of 15 months in its payments bank to a new role within the organisation leaving the fledgling enterprise headless for the second time in just over a year.Renu Satti, an old hand and CEO of Paytm Payments Bank, will be the new chief operating officer of New Retail which essentially will help consumers discover groceries, pharmacies and shops for instant deliveries.This is the second time that the corner office at the newly-licensed payments bank has fallen vacant after its previous CEO designate Shinjini Kumar left before the banks formal launch.Unlike Kumar who was previously with PricewaterhouseCoopers, Satti is an old hand at Paytm.
She juggled multiple roles from managing human resource at the payments company to heading the movie ticketing business before becoming CEO of the bank.In an emailed reply to ET queries, Paytm said that looking at her expertise in building businesses, Satti has been assigned to develop the new vertical.We will work with local restaurants, grocery stores and pharmacies to enable them for local ordering and delivery.
Renu will lead the New Retail initiative and she has resigned from bank CEO position.
Local ordering is expected to become one-third of Paytms orders and GMV by 2020, said Vijay Shekhar Sharma, founder of Paytm.The sudden change at the top shows that Paytm is still trying to create a strong management for its banking business.Satti was appointed the managing director and CEO in May last year just before the bank was formally launched after Kumars sudden resignation.In December last year, Shashi Arora, CEO of Airtel Payments Bank, quit after the telco was criticised for opening accounts of customers without requisite consents.