Binny Bansal co-founder of Flipkart has resigned from the PhonePe board, the fintech said on Friday.
PhonePe also announced the appointment of Manish Sabharwal as an Independent Director and Chair of its Audit Committee.
In this role, Sabharwal will play a key role in maintaining the integrity and effectiveness of PhonePe's financial reporting, internal controls, and risk management practices, the company said in a release.
PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Binny acquired PhonePe in 2016 and has been on its Board since then, the release said.
Commenting on the board rejig, Sameer Nigam, CEO and Founder of PhonePe said, "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 said that Sabharwal's depth of understanding of the macro economy of India, coupled with his leadership in shaping India's policies for education, employment and employability will be invaluable to PhonePe as it continues working ahead towards a shared vision of a Viksit Bharat by 2047.
Sabharwal is Vice-Chairman of Teamlease Services, India's largest staffing and human capital firm.
Bansal played a great role in Flipkart's acquisition of PhonePe way back in 2016 and had been on the board ever since (the payments firm separated from Flipkart in 2022).
Read also| PM Modi Holds Farewell Meeting with Biden, Capping Four Years of Cooperation
