Gurgaon (Haryana) [India], Mar 20 : Apollo Tyres leadership team on Friday announced a voluntary reduction in pay due to the impact of COVID-19 on the automotive industry.
Chairman and Managing Director Onkar S Kanwar along with Vice Chairman and Managing Director Neeraj Kanwar opted for a 25 per cent reduction in their salary during the tough times.
"Furthermore, the senior management has also taken a voluntary reduction in their salary by 15 per cent in a show of solidarity due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic," the company said in a statement.
"Coronavirus is impacting sales and profitability across the automotive industry as anticipation builds that the worst is yet to come with COVID-19," it said.
Onkar Kanwar said this is an incredibly difficult time for the employees and their families. "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."
Apollo Tyres has a diversified and multinational presence and the pay cuts will affect all senior management at the global level.
The company has multiple manufacturing units in India, the Netherlands and Hungary. At the end of the financial year 2019, the company clocked a turnover of 2.48 billion dollars, backed by a global workforce of about 17,200 employees.
( With inputs from ANI )