The Apollo Tyres leadership team is taking 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 and managing director, Neeraj Kanwar, have announced a 25% reduction in their salaries. In addition, senior management has also taken a voluntary reduction in their salary by 15% due to the rapidly deteriorating market conditions caused by the COVID-19 pandemic.

Commenting on this, Kanwar 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.”