Apollo Tyres leadership team takes pay cut due to coronavirus_Apollo Tyres leadership team takes pay cut due to coronavirus

Apollo Tyres leadership team takes pay cut due to coronavirus

May 30, 2024

NEW DELHI: Apollo Tyres, headquartered in Gurgaon, on Friday said its leadership team has announced a voluntary pay cut due to the impact of COVID-19 on the automobile industry.

Chairman and Managing Director S Kanwar Vice Chairman and Managing Director Kanwar announced a 25% pay cut. In addition, the senior management has voluntarily decided to take a 15% pay cut as a gesture of solidarity due to the rapidly deteriorating market situation as a result of COVID-19.

Apollo Tyres operates a diversified multinational business and the pay cut will affect all the executives in the world. In a statement, the company said, “The coronavirus is impacting sales and profitability across the automotive industry as a result of the worst-case scenario we anticipated.”

Onkarr S Kanwar, chairman and managing director of Apollo Tyres, added: “This is an extremely difficult time for our employees and their families. We are in uncharted territory, but as ‘one family’ we will make a collective effort and the necessary sacrifices to get through these times. Apollo turns tires in the right direction

Kanwar said the company is experiencing a slowdown in demand, adding that it is taking additional steps and will provide an update once a final decision is made.

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