The Apollo Tyres leadership team has announced a voluntary reduction in pay due to the impact of COVID-19 on the automotive industry.
The chairman and managing director, Onkar S Kanwar and the vice chairman & MD, Neeraj Kanwar on Friday (20 March 2020) announced a 25% reduction in their salary during these tough, testing times. Furthermore, the senior management has also taken a voluntary reduction in their salary by 15% in a show of solidarity due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic.Apollo Tyres has a diversified and multinational presence and the pay cuts will affect all senior management at the global level. Coronavirus is impacting sales and profitability across the automotive industry as anticipation builds that the worst is yet to come with COVID-19, the company said in a statement.
Commenting on this, Onkar S Kanwar, chairman and managing director, Apollo Tyres 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."
Shares of Apollo Tyres were up 1.68% at Rs 87.65. Meanwhile, the S&P BSE Sensex surged 1,567 points or 5.54% to 29,885.30.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary. The company markets its products under its two global brands - Apollo and Vredestein
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