OYO CEO Ritesh Agarwal to take a 100% pay cut amid the COVID-19 caused financial crisis
The executive leadership team has taken a pay cut of 25% and some going up to 50% to enable building the runway for the company.
COVID-19 has impacted the global hospitality industry significantly with occupancies of various hotel chains being affected drastically. In this unprecedented and difficult period, Ritesh Agarwal, the Founder & Group CEO, OYO Hotels & Homes, has decided to forego 100% of his salary for the rest of the year. The company’s entire executive leadership team has taken a voluntary pay cut starting at 25%, with many opting for an additional uncapped amount, and some going up to 50% to enable building the runway for the company. This would be effective April 2020 and the entire company is standing together to tide over these times.
It has been a matter of pride for OYO Hotels & Homes that it has retained each and every single leader in the CXO group in the history of the company, and in a difficult time like this, the executive leadership has come together as one strong entity as true partners of the company.
The company management has also taken several other measures to ensure business continuity and is committed to the well-being of its OYOpreneurs. The company has assured that all employees in India, including ten thousand plus OYOpreneurs on payrolls and tens of thousands of OYO managed assets staff including lots of hotels which will open post lockdown will continue to receive their salaries and benefits without any interruptions during this unprecedented period of a countrywide 21-days lockdown.
Commenting on the development, Ritesh Agarwal, Founder & Group CEO said, “The current situation the world over is deeply concerning to each and every one of us. OYO is doing everything to support the world with its limited resources in this pandemic from making isolation centres to finding a safe place for first responders. I am grateful to my leadership team that have also taken pay cuts and support the company during these tough times. We, at OYO, stand committed towards the fight against COVID-19 and will try to do everything in our control to reach out and help people while also ensuring long term success of the company, and our ability to continue delivering on our mission to bring better living spaces for all, at the right prices, globally. ”
In line with the government’s direction, OYO has taken a series of measures to accommodate frontline medical staff, aircrew, corporates, tourists, PGs as well as foreign nationals stranded in the nationwide lockdown.