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Showing posts with label Oyo. Show all posts
Showing posts with label Oyo. Show all posts

Tuesday 7 April 2020

Ritesh Agarwal, Founder & Group CEO, OYO to Forego 100% of His Annual Salary, and the Executive Leadership Team to Take Voluntary Salary Cuts

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.