OYO’s Ritesh Agarwal to forego 100% annual salary, leadership team to take voluntary pay cuts
Gurugram-headquartered hospitality firm OYO on Thursday said its founder and group CEO Ritesh Agarwal will forego his salary for the rest of the year and its executive leadership team will take voluntary pay cuts as the hospitality industry reels under the coronavirus pandemic.
This would be effective from April 2020 and the entire company is standing together to tide over these times, it said.
The company’s entire executive leadership team has taken a voluntary pay cut starting at 25 percent, with many opting for an additional uncapped amount, and some going up to 50 percent to enable building the runway for the company, it said.
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 many hotels which will open post-lockdown will continue to receive their salaries and benefits without any interruptions during the unprecedented period of a countrywide 21-days lockdown.
Commenting on the development, Ritesh Agarwal, Founder and Group CEO said,
“Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100% of my salary for the rest of the year. I am grateful to my leadership team, that has 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.”
The company is also focussing on a two-pronged strategy to minimise the possibility of infection and maximise social distancing and hygiene.
Recently, OYO partnered with Apollo Hospitals to offer sanitised beds and facilities in certain COVID-19 exclusive hotels. The partnership will be activated in six cities namely, Mumbai, Delhi, Hyderabad, Chennai, Bengaluru, and Kolkata for the purpose of self-quarantine and isolation for suspected COVID-19 patients that require medical observation and supervision.
