Campaign India Team
Mar 20, 2020

Apollo Tyres leadership team take pay cut to nullify Coronavirus impact

Chairman and vice chairman take 25 per cent reduction in pay

Apollo Tyres leadership team take pay cut to nullify Coronavirus impact
The leadership team at Apollo Tyres has taken a voluntary reduction in pay to nullify the impact of Covid-19 for the company.
 
Coronavirus is expected to impact the automobile industry by reducing sales. 
 
Apollo Tyres' chairman and managing director, Onkar S Kanwar and vice chairman and MD, Neeraj Kanwar, announced a 25 per cent reduction in their salary. 
 
The senior management has also taken a voluntary reduction in their salary by 15 per cent.
Apollo Tyres pay cuts are across senior management at the global level. 
 
Onkar S Kanwar said, “This is an incredibly difficult time for our employees and their families. We are in unchartered waters but as ‘one family’ we will work together and make the necessary sacrifices to steer Apollo Tyres in the right direction, to overcome this period. We are experiencing slowing demand and disrupted supply chains due to Covid-19. We are working on further measures which we will provide updates on, as we make final decisions.”
 
Source:
Campaign India

Follow us

Top news, insights and analysis every weekday

Sign up for Campaign Bulletins

Related Articles

Just Published

3 days ago

Netflix announces ad tier milestone and adtech platform

The streaming platform’s ad-supported plan reaches 40 million global monthly active users and drives 40% of all signups in the 12 countries where it’s available.

3 days ago

Whisper unveils new phase of #KeepGirlsInSchool to ...

The latest poignant film seeks to normalise periods as healthy changes, empowering young girls to reshape their narratives around puberty.

3 days ago

Group M broadens remit of Wavemaker global chief ...

Jenner will remain as Wavemaker global chief executive.

3 days ago

Samsung's LTE Galaxy Watch6 campaign unlocks ...

The brand's latest film highlights the integration of LTE into consumers' lives, positioning the watch as a reliable digital companion.