TMCnet News
Ritesh Agarwal, Founder & Group CEO, OYO to Forego 100% of His Annual Salary, and the Executive Leadership Team to Take Voluntary Salary CutsCOVID-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. 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 centers to finding a safeplace for first responders. 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 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 in the US. The company has offered rooms across 300+ hotels for free to all medical professionals, including doctors, nurses and first-responders to ensure that they can take rest, shower or just get off their feet and recharge. OYO is grateful for the bravery and sacrifices all the medical personnel are making to save lives and stop the spread of COVID-19. About OYO Hotels and Homes Opening its doors in 2013, OYO Hotels & Homes, a young hotel startup, today is the world's leading chain of hotels and homes. The portfolio combines fully operated real estate comprising more than 43,000 hotels with over 1 million rooms. Through its vacation homes business, the company offers travelers and city dwellers access to over 130,000 homes around the world under OYO Home, Belvilla, Danland, Dancenter and Germany-based Traum-Ferienwohnungen brands. OYO today operates in over 800 cities in 80 countries, including the U.S., Europe, U.K., India, Middle East, Southeast Asia, and Japan. For more information, visit www.oyorooms.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20200402005515/en/ |
