OYO promotes four new executives

India: OYO Hotels and Homes has announced it has promoted four employees to key executive positions.

The four employees have all been given C-suite positions in various different segments of the company.

The highest-profile promotion is the elevation of Ankit Gupta from the COO of frontier and workspaces to CEO of the division. This means he now leads not only the self-operated frontier business, which includes OYO LIFE, OYO Campus, and OYO Home, but also leads the company’s growing co-working division.

Harshit Vyas, one of the first hires with the company, has risen to COO of India and South Asia Franchise, after serving as chief business officer. Abhinav Ankur has been promoted to chief strategy and transformation officer, and Anuj Bhatnagar has been named CFO of business.

Rohit Kapoor, CEO India and South Asia, said: “At OYO, we have always worked towards nurturing meritocracy across levels and are proud to have resilient, robust and diversified leaders. The role enhancement for Ankit, Harshit, Abhinav and Anuj are further steps in this direction.

“Their inspiring leadership in the pre-Covid times helped us drive sustainable business growth in the region. When the pandemic started, they helped OYO balance several priorities towards our customers, partners and colleagues and respond to the crisis,” he added.

OYO has also voluntarily extended its furlough scheme, allowing employees to stay with the company until February 2021. It has given them the option of separating voluntarily, as the business still is struggling with the results of the pandemic.

The limited benefits provided include health insurance, vaccination allowances and assistance with educational platforms. The company placed the majority of its global workforce on furlough, with many more being laid off afterwards.

OYO laid off 90 per cent of its US staff, with similar rounds in India and China, due to falling revenues and demand. Stringent restructuring measures have also been implemented, such as combining OYO’s Japanese hotel and short-term rental divisions, to mitigate the effects of the pandemic.

According to internal data, 70 per cent of employees have opted for voluntary separation, while 21 per cent have chosen to stay on with limited benefits. Many impacted employees have taken to social media to criticise the company for not doing enough.