PayU Payments appoints former HDFC MD Renu Karnad as chairman; four other to board

PayU Payments Pvt Ltd has appointed former HDFC Managing Director Renu Sud Karnad, along with Laurent Le Moal, former global CEO of PayU, and other industry experts to its Board of Directors.

Karnad, Chairperson of the Board, joined independent directors Gopika Pant and Jairaj Purandare, and non-executive and non-independent directors Le Moal and Jan Bune.

Along with PayU CEO Anirban Mukherjee and CFO Arvind Agarwal, the new additions take the Board strength to seven members.

"We're delighted to have built an outstanding Board to offer us counsel and guidance as we build a full stack of digital financial services to serve India, advance digitisation and drive financial inclusion," Mukherjee said in a statement.

“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.

Karnad is currently the President of the International Union of Housing Finance (IUHF). She is also the Chairperson of the Board of GlaxoSmithKline Pharmaceuticals Ltd.

"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," Karnad said.

Pant, who is joining as an independent director, is a legal expert with over 38 years of experience in Indian corporate and commercial laws.

Purandare, another independent director, is the founder-chairman of advisory, tax and regulatory firm JMP Advisors Pvt Ltd. He was the former Regional Managing Partner, Chairman-Tax and Country Leader-Markets and Industries of PwC India, Chairman of EY India, and Country Head of the Tax and Business Advisory Practice of Andersen India.

Le Moal and Jan Bune, both non-executive and non-independent directors, contribute significant international experience to the board.

Le Moal has served as the global CEO of PayU and has been a member of the World Economic Forum's Global Future Council on the Future of Financial and Monetary Systems.

Bune, on the other hand, retired as a senior audit partner of Deloitte Netherlands and has also served on audit and risk committees in multiple organisations.

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In October 2023, Mukherjee was appointed as the global CEO of the company, succeeding Le Moal, who transitioned to an advisory role within Prosus and PayU.

Earlier this month, PayU Finance promoted its Chief Risk Officer Deepak Mendiratta to the position of CEO. Manish Kulkarni, a long-time investment banker who had served as the COO at DBS Bank, assumed the role of CFO at the subsidiary as part of a restructuring of top-level positions within the company.