Friday 5 June 2020

Oyo founder to forego 100pc of his annual salary

DUBAI, April 5, 2020

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 and 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 from April and the entire company is standing together to tide over these times.
Commenting on the development, Agarwal 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 per cent 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.”
Oyo has taken a series of measures to accommodate frontline medical staff, aircrew, corporates, tourists, as well as foreign nationals stranded in the nationwide lockdown in India and several other countries across the globe.
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 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 six 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.
Additionally, 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. - TradeArabia News Service


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