Appointment of Ms. Renu Sud Karnad as Chairperson of the Board of Directors, The five new appointments, including the Chairperson, bring deep knowledge and breadth of experience to further elevate PayU market positioning and growth charter.
Gurugram, February 28, 2024: PayU Payments Private Limited (“PayU Payments”), one of India’s leading digital financial services providers, is delighted to announce the appointment of five new members to its Board of Directors. Comprising renowned thought leaders and distinguished experts across several domains and operating disciplines, the Board will provide strategic counsel to PayU Payments. The company aims to set best-in-class standards in customer experience, corporate governance, risk management and compliance and expects to play a significant role in the growth of India’s dynamic digital financial services industry.
PayU Payments’ Board has now added three Independent Directors and two Non-Executive Non-Independent Directors, all of whom are eminent leaders in their respective fields bringing wealth of experience from various businesses and diverse backgrounds to guide the company usher in its next phase of growth. The five new directors have joined the Board, alongside Anirban Mukherjee, Chief Executive Officer, PayU and Arvind Agarwal, Chief Finance Officer, PayU, taking the total Board strength to seven members.
Announcing the appointment of the new board members, Anirban Mukherjee, CEO, PayU, said, “We’re delighted to have built an outstanding Board to offer us counsel and guidance as we build full stack of digital financial services to serve India, advance digitization and drive financial inclusion. With the Indian economy undergoing rapid transformation, PayU is poised to capitalize on leveraging the unparalleled online payments opportunity, expected to reach a $1 trillion Internet economy by 2030. I’m deeply humbled and honoured that each of these eminent industry veterans have chosen to endorse our vision and accompany us on our journey. The collective wisdom of the Board will greatly benefit us as we embark on the next phase of growth for PayU.”
“I’m especially pleased that Ms. Renu Sud Karnad has agreed to join our Board of Directors as Chairperson. With a strong background in financial services, gained from her illustrious career, Renu will bring the skills and experience required to make a material contribution to PayU’s future,” he added.
Renu Sud Karnad, Chairperson of the PayU Payments Board of Directors, said, “I am glad to be on the board of PayU Payments, a world-class company built in India and serving India as a key market. I look forward to helping the team to build a diversified financial services organisation promoting digitisation using cutting-edge technology.”
The new members of PayU Payments Board:
Renu Sud Karnad has been appointed as an Independent Director and Chairperson of the Board of PayU Payments. Currently the President of the International Union of Housing Finance (IUHF), Ms. Karnad was the Managing Director of Housing Development Finance Corporation Ltd. (HDFC) till 30 June 2023 and continued as a Non-Executive Director on the HDFC Bank Board. Having over four decades of rich industry experience, Ms. Karnad played a pivotal role in expansion of HDFC. She is currently the Chairperson of the board of GlaxoSmithKline Pharmaceuticals Limited. Recognized as one of the top 10 women to watch in Asia by the Wall Street Journal as early as in 2006, she has been consistently featured as one of the ‘Most Powerful Women in Indian Business’ at many forums, and publications of repute. Ms. Karnad’s achievements underscore her remarkable influence and impact on the industry.
Gopika Pant joins as Independent Director and brings with her more than 38 years of legal expertise. She has extensive knowledge of Indian corporate and commercial laws, with specialization in cross-border commercial transactions. Ms. Pant has been listed in the Forbes India Legal Power list 2020 and 2021 as one of the Top Managing Partners in India. For consecutive eight years starting 2016, Ms. Pant was honoured in the ‘A’ List of India’s top 100 lawyers by the India Business Law Journal.
Jairaj Purandare also joins as Independent Director. He is the Founder Chairman of JMP Advisors Pvt Ltd, recognized as a leading advisory, tax and regulatory firm in India. He was the former Regional Managing Partner, Chairman-Tax and Country Leader-Markets and Industries of PricewaterhouseCoopers (PwC) India, Chairman of Ernst & Young (EY) India and Country Head of the Tax and Business Advisory Practice of Andersen India. With over four decades of illustrious experience, he is an authority on tax and regulation in India.
Laurent Le Moal, joining as Non-Executive & Non-Independent Director, has served as global Chief Executive Officer of PayU group and held positions on the Executive Team of Prosus from January 2016 to September 2023. Additionally, Laurent has been a member of the Global Future Council on the Future of Financial and Monetary Systems at the World Economic Forum since October 2019.
Jan Bune, joining as Non-Executive & Non-Independent Director, has worked in public accounting from 1974 until 2013, retiring as a senior audit partner of Deloitte Netherlands in May 2013. Following retirement, he served as a member of the board of commissioners at the Dutch Media Authority from September 2013 until February 2021. With extensive experience in navigating complex environments and aligning with the goals of various stakeholders, Jan has also served on audit and risk committees in multiple organisations.
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