Connect with us

News

Apollo Tyres’ Leadership Takes Pay Cut Due to COVID-19

The Apollo Tyres leadership team is taking a voluntary reduction in pay due to the impact of COVID-19 on the automotive industry.

Advertisement
Click Here to Read More
Advertisement

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.”

Advertisement
Click to comment

POPULAR POSTS

TBC-Michelin-Erik-Olsen-Laurent-Bourrut TBC-Michelin-Erik-Olsen-Laurent-Bourrut

News

TBC CEO Olsen Steps Down, Former Michelin Exec. to Step In

Hankook-OE-Porsche-718-models Hankook-OE-Porsche-718-models

News

Hankook UHP Tires Chosen as OE on Porsche 718 Models

Bridgestone-Scott-Damon-Nizar-Trigui-Gabriel-Asbun-Craig-Schneider Bridgestone-Scott-Damon-Nizar-Trigui-Gabriel-Asbun-Craig-Schneider

People

Bridgestone Americas Makes Leadership Changes

John-Thomas-Toyo-Tires John-Thomas-Toyo-Tires

People

Toyo Tire U.S.A. Names New President, CEO

Connect
Tire Review Magazine