In this unprecedented and difficult times due to COVID-19, Ritesh Agarwal, the Founder & Group CEO, OYO Hotels & Homes, has decided to forego 100 per cent 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 per cent, with many opting for an additional uncapped amount, and some going up to 50 per cent 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.
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. 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, aircrew, corporates, tourists, PGs as well as foreign nationals stranded in the nationwide lockdown.