The Apollo Tyres top brass has come forward to take pay cuts in these trying times, amid slowing demand in the automotive industry as a result of the Covid-19 outbreak.
Chairman and managing director Onkar S Kanwar and vice-chairman & MD Neeraj Kanwar have announced a 25% reduction in their salaries.
Besides,the senior management has also taken a voluntary reduction of 15% in their salary in solidarity with the subdued sentiments and the rapidly deteriorating market conditions caused by the pandemic, a company release said on Friday.
Apollo Tyres has a diversified and multinational presence and the pay cuts will affect the entire senior management at the global level. Coronavirus has battered the automotive sector, impacting sales and profitability across the industry as anticipation builds that the worst is yet to come, said to the company release.
Kanwar said, "We are experiencing slowing demand and disrupted supply chains due to COVID-19. We are in uncharted 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." He said the company was planning a slew of measures, which will be finalised soon.
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