Mobile payments and financial services giant Paytm’s parent entity One97 Communications has announced that Douglas Feagin, the company’s non-executive, non-independent director, has resigned from the its board with immediate effect.

What Happened? Feagin tendered his resignation from the company on Thursday acknowledging the company’s maturity and positive growth trajectory.

“In recognition of the company's growth as a publicly-listed company and the maturity of the business, at the request of the nominating shareholder, I hereby resign from my position as a director on the Board of Directors of Paytm," Feagin wrote in his resignation letter.

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Feagin, who joined One97 Communications’ board back in June 2021 just before its initial public offering (IPO), is also the senior vice-president of Alibaba group firm Ant Group, the largest shareholder in Paytm with a 25% stake in the company.

It is worth noting that Alibaba in January sold about a 3% stake in Paytm for ₹1,031 crore through a block deal — although its affiliate Ant continued to hold its 25% stake in the company. Alibaba held a 6.26% stake in the firm as of September 2022.

Feagin’s resignation as director of Paytm’s board of directors also arrives ahead of the company announcing its quarterly financials later in the day on Friday.

Price Action: One97 Communication’s share price was down 2.57% on Friday at ₹531.65.

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