Paytm investors to vote on Vijay Shekhar Sharma as CEO

When shareholders decide whether they want him at the helm of a fintech pioneer who made one of the worst debuts in Indian history, Paytm faces a crucial test of investor confidence Friday.

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Vijay Shekhar Sharma's role as chief executive is one of the items to be voted on at the company's annual general meeting this afternoon. A proxy advisory firm recommended last week that shareholders replace the founder as CEO, citing concerns about his ability to reverse losses at the payments provider.

Paytm, the poster boy for India's tech startups, has lost 60% of its value since its initial public offering in November, as it has struggled to convince investors of its earnings potential. In an interview last month, Sharma, 44, said Paytm is set to become India's first internet company to hit $1 billion in annual revenue and pledged a shift from growth to profitability.

Shareholders should vote against Sharma's reappointment, and the board must bring in a professional to the role, Institutional Investor Advisory Services India Ltd. said last week. Before the listing, Sharma talked about the company turning profitable, but it hasn't happened at an operational level, the firm said.

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