The leadership team of Apollo Tyres has announced that it has taken a voluntary reduction in pay to offset the loss that COVID-19 has caused for the automotive industry. The company’s Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar have announced that they would be taking a 25 percent reduction in their salary during these tough, testing times. Executives belonging to the company’s senior management have also opted to voluntarily accept a 15 per cent reduction in their salary as a show of solidarity due to the decline in market conditions that the COVID-19 pandemic has caused.
Apollo Tyres has a presence that spans many countries across the globe and the pay cuts will have an impact on all senior management at the global level. Coronavirus has had an impact on the sales and profitability across the entire automotive industry and it is anticipated that the worst is yet to come.
Commenting on this, Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres Ltd said that this is an incredibly difficult time for the company’s employees and their families. He said that though the company is navigating unchartered waters, the goal is to work together as ‘One Family’ and make the necessary sacrifices to steer Apollo Tyres in the right direction, and thus overcome this period. He concluded by saying that Apollo Tyres was experiencing slowing demand and disrupted supply chains due to COVID-19 and was working on taking further measures.
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