Paytm appoints Todd Combs to board of directors
today Jun 10, 2019
Paytm has appointed Todd Combs of Berkshire Hathaway to its board of directors and Alibaba’s Yao Michael will also join, replacing Alibaba’s current representative on the board Joseph Tsai.
The Indian payments service and owner of Paytm Mall will welcome two fresh faces to its board of directors, sources told TNN. Todd Combs, who works with Warren Buffett at U.S. multinational conglomerate Berkshire Hathaway Inc. will join as a new member. As Berkshire Hathaway’s chief investment officer, Combs led the business’ $300 million (Rs 1,996 crore) investment in Paytm in August, 2018 which marked Berkshire Hathaway’s first real investment in a tech business.
Alibaba group will replace its current representative on the Paytm board, Joseph Tsai, with its senior vice president and head of corporate finance, Yao Michael. Paytm’s parent company, One97 Communications, is backed by the Chinese business Alibaba group.
Combs and Michael will join the business’ existing board of directors members which include Ant Financial CEO Eric Jing; Goldman Sachs Group’s Mark Schwartz; SAIF Partners’ Ravi Adusumalli; SoftBank managing partner Munish Varma; and law firm Shardul Amarchand Mangaldas founder and managing partner Pallavi Shroff.
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