Chairman Omkar Kanwar and MD Neeraj have taken a pay cut of 25% each while the senior management will take a 15% hit
Apollo's Euorpe business has been hit as clients like Volkswagen and Renault have shut factories
NEW DELHI: Apollo Tyres Ltd, one of India’s largest tyre manufacturers, on Monday said its top management will take a 15%-25% pay cut, as result of the significant decline in business due to the outbreak of Coronavirus in important markets like Europe, North America and India.
Chairman Omkar Kanwar and managing director Neeraj Kanwar have taken a pay cut of 25% each while the senior management of the company is likely to witness 15% reduction in their salaries.
“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.
In Europe, Apollo business has been negatively impacted as vehicle manufacturers like Volkswagen, Groupe Renault and Groupe PSA have decided to shut factories as result of the lockdown in most countries.
Apollo Tyres is the second company after Interglobe Aviation, the country’s largest airline, to announce a pay cut of employees due to the adverse impact of the outbreak of Covid- 19 virus on business.