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.”
Top news, insights and analysis every weekday
Sign up for Campaign Bulletins
9 hours ago
The author lists three reasons why the industry should be optimistic of recovery in 2021
10 hours ago
Wondrlab has conceptualised the campaign