Apollo Tyres’ management takes coronavirus pay cut
Top management at Apollo Tyres have announced they’ve accepted a pay cut during the market difficulties brought about by the COVID-19 pandemic. The tyre maker says it is also preparing to implement further measures.
Onkar S Kanwar, the Apollo Tyres’ chairman and managing director, and Neeraj Kanwar, vice chairman and MD, are reducing their salaries by 25 per cent. In addition, senior managers in all regions have “also taken a voluntary reduction” in their salaries. The company says this 15 per cent reduction is “a show of solidarity due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic.”
Commenting on the decision to reduce salaries, the tyre maker notes that coronavirus is impacting sales and profitability across the automotive industry as anticipation builds that the worst is yet to come with COVID-19.”This is an incredibly difficult time for our employees and their families,” states Onkar S Kanwar. “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.”