OYO founder Ritesh Agarwal to forego 100% of his annual salary
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.
The impact of COVID-19 on the global hospitality industry is catastrophic as the occupancies of various hotel chains being affected drastically. In this unprecedented period, Ritesh Agarwal, the Founder & Group CEO, OYO Hotels & Homes, has decided to forego 100% of his salary for the rest of the year.
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 united 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.
OYO Hotels & Homes' 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. 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.”
The company is focusing on a two-pronged strategy to minimise the possibility of infection and maximise social distancing and hygiene. Certain hotels are being identified to partner with hospitals for setting up safe, pay per use quarantine facilities. Certain others are focused on providing safe shelter to local and foreign tourists and travellers who are stranded in cities owing to the lockdown.
OYO has also taken a series of measures to accommodate frontline medical staff, aircrew, corporates, tourists, PGs as well as foreign nationals stranded in the nationwide lockdown.
OYO is in touch with various state governments as well as authorities to understand how some of its properties can be of assistance during this crucial period. Recently, OYO also partnered with Apollo Hospitals to offer sanitized beds and facilities in certain COVID-19 exclusive hotels it identified within its network in the proximity of Apollo Hospitals. The partnership will be activated in 6 cities namely, Mumbai, Delhi, Hyderabad, Chennai, Bengaluru and Kolkata for the purposes of self-quarantine and isolation for suspected COVID-19 patients that require medical observation and supervision.
Moreover, the company has also reached out to corporates and is keen to support the lodging requirements of individuals who are at the frontline of India’s fight against Coronavirus through a combination of OYO Hotels or OYO LIFE offerings