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Fintech giant Paytm appointed financial services veteran GS Sundararajan to its board as an independent director, the company said in a filing with the stock exchange.

Sundararajan earlier was the group director of Shriram Group, and was the CEO and Managing Director of Fullerton India Credit Company, an NBFC. Before that, he was the MD of SME and asset-based finance business for Citibank India.

“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,” Sundararajan said about his appointment to the Board.

Paytm also said its independent director, Mark Schwartz will retire from its board upon the completion of his tenure.

One97 Communications, the parent company of Paytm, last week approved reappointed founder Vijay Shekhar Sharma as its managing director for five years, until December 2027.

The reappointment came after Institutional Investor Advisory Services India (IiAS), a Mumbai-based proxy advisory firm advised Paytm shareholders to vote against the reappointment of Vijay Shekhar Sharma as the chief executive officer (CEO) for another five years.

“Vijay Shekhar Sharma has made several commitments in the past to make the company profitable. However, these have not played out. We believe the board must consider professionalising the management,” the report read.