OYO hotels and homes CEO Ritesh Agarwal has revealed he is to forego 100% of his salary for the rest of the year, amid the coronavirus pandemic, alongside the company’s entire executives taking voluntary pay cuts.
The hotel group’s executive leadership has decided to take a voluntary 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, as the entire company is “standing together to tide over these times”.
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% 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. ”
Last week, OYO UK announced that it is keeping over 2,000 rooms open to accommodate key workers who are unable to work from home and are in need of places to stay close to their place of employment.
The company has introduced significantly reduced fixed rate pricing across its UK properties to remove unpredictability, allowing individuals and businesses to accurately budget for contingency accommodation.