In a significant leadership shift, Flipkart co-founder Binny Bansal has stepped down from the PhonePe board, according to recent media reports. Following Bansal’s resignation, Manish Sabharwal, Vice-Chairman of TeamLease Services, has been appointed as an Independent Director and Chair of the company’s Audit Committee.
Strengthening Financial Governance and Strategic Oversight
Manish Sabharwal’s appointment is set to enhance PhonePe’s financial governance, risk management, and internal control frameworks. His extensive background in macroeconomic policy and labor market dynamics is expected to provide valuable strategic guidance as PhonePe continues its growth journey.
Leadership Reflections
Sameer Nigam, CEO and Founder of PhonePe, expressed his gratitude to Binny Bansal, stating:
“I would like to express my heartfelt gratitude to Binny Bansal for being one of PhonePe’s earliest and staunchest supporters. His active engagement, strategic guidance, and personal mentorship have profoundly enriched our discussions. Binny will be missed!”
Nigam also welcomed Manish Sabharwal to the board, emphasizing the value of his experience:
“We are thrilled to welcome Manish Sabharwal to the PhonePe board. His incredible depth of understanding of India’s macro economy, coupled with his leadership in shaping policies for education, employment, and employability, will be invaluable as we work towards our shared vision of a Viksit Bharat by 2047.”
Aligning Governance with Long-term Vision
This leadership change comes as PhonePe, which recently relocated its headquarters back to India, aims to strengthen its governance framework. The company’s focus on adhering to robust regulatory and financial standards aligns with its long-term growth strategy.
Bansal’s Impact and Sabharwal’s Expertise
Binny Bansal played a pivotal role in supporting and mentoring PhonePe since its inception, contributing significantly to its success. His departure marks the end of an era of active involvement, but the appointment of Manish Sabharwal signals a new chapter in PhonePe’s leadership.
Sabharwal brings a wealth of experience, having previously served on the Reserve Bank of India’s board and contributed to various economic policy think tanks. His insights into governance and policy-making are expected to drive PhonePe’s strategic objectives forward.
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