Two top-level executives have quit Oyo Hotels &
Homes even as the hospitality chain extended mandatory leave of a chunk of its
employees by six months and offered them voluntary separation amid the Covid-19
crisis.
Gaurav Ajmera, global head of revenue
management, and Burhanuddin Pithawala, global head of marketing and growth,
have quit, Oyo said in an internal note to employees on
Friday.
The company has promoted Anuj Tejpal as its
global chief commercial officer to head revenue (including OTA), marketing and growth.
Tejpal was previously global business development leader.
Chandan Agarwal, who was managing Oyo's cloud kitchen business,
had also left earlier, people close to the development said. An Oyo
spokesperson confirmed this to ET.
In a separate blog post, the company said
employees on leave with limited benefits plan in India can now either choose to
opt for a voluntary separation programme (VSP) or continue with the existing
arrangement until February 28, 2021.
“We don't quite know when our occupancies and
revenues will recover to pre-Covid levels,” it said in the blogpost. “In such a
situation, we do not foresee any more roles opening up anytime soon.”
As part of its restructuring in India, Oyo has elevated Abhishek
Bansal as chief revenue officer and Yatish Jain as head of marketing and
growth. Bansal was previously leading revenue management for franchise business
while Jain was vice president, supply growth, franchise business, the company
said in its internal note.
After resorting to pay cuts in fixed compensation of up to 25% during the
national lockdown in April, Oyo had put some of its employees on leave with
limited benefits for four months from May. Earlier in August, the company
communicated to employees that it is restoring salaries of all employees in
India with a fixed compensation of Rs 8 lakh and the restoration will gradually
get extended to all employees. But, the leave with limited benefits plan has been
extended. The company did not specify how many employees in India are on leave
under this plan.
About the voluntary separation plan the company said, “While the choice is
theirs to make, we request them to attend to the several important elements to the
proposal which will help them make an informed decision.”
Oyo said for employees opting for voluntary separation, it is offering a cash
benefit equivalent to their notice pay based on their last drawn compensation
in March. “This is beyond the 30% ex gratia pay that was enabled for the months
of May and June, respectively for some upfront liquidity,” it said in the blog
post.
It said the company had also granted restricted stock units (RSUs) to all
employees and that employees who opt for the voluntary separation are being
given a choice to cancel up to 25% of their unvested RSUs and get additional cash benefit
equal to 25% of their March 2020 drawn fixed salary.
Oyo said it will continue to provide healthcare coverage of the current
corporate health insurance policy up to January 25, 2021 and that it has
partnered with ABC Consultants to offer career transition support to these
employees.
Sandip Ginodia , CEO
ALTIUS INVESTECH PVT LTD
We deal in over 60 unlisted companies with 15 years of experience
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