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OYO board member Betsy Atkins says Ritesh Agarwal to continue as CEO

Wednesday, May 20, 2020, 10:03 Hrs  [IST]
HBI Staff | Hyderabad

A board member of hospitality firm OYO Rooms has denied that CEO Ritesh Agarwal is stepping down from his post, terming it false and inaccurate.

"Ritesh continues as our CEO and leader. There has never been any discussion or consideration of Ritesh departing from his role as CEO," OYO board member Betsy Atkins said in a note.

Agarwal shared the note from the board member in a tweet on Saturday.

The clarification from the company comes after a technology website  published a report about Ritesh Agarwal resigning from the company. However, the report was taken down later from the website.

The outbreak of coronavirus pandemic has hit the hospitality sector very hard with global and domestic travel coming to neal-halt. Earlier CNBC-TV18 reported that Oyo Rooms will put some of its India employees on furlough from May 4 for four months, and has also asked all its employees to take 25 percent pay cuts from April to July as the company sees revenues fall globally due to the COVID-19 crisis.

The company has put some employees in its international markets, including the United States, on furlough.

The SoftBank Group-backed company also plans to offload more properties around the world in order to speed up a retreat from rapid global expansion.

Oyo has seen frequent turbulence in recent months, with the company admitting it "went ahead of itself" last year, which led to about 2,000 employees being given pink slip this month.

(Source:CNBC)

 
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