Coronavirus impact | Apollo Tyres CMD takes 25% pay cut, top management to take 15% hit
The top management of Apollo Tyres has taken voluntary pay cut taking into account impact of the coronavirus (COVID-19) pandemic on the automotive industry, the company informed the exchanges on March 20.
Chairman and Managing Director Onkar S Kanwar and Vice CMD Neeraj Kanwar have taken a pay cut of 25 percent each while the senior management will be taking a 15 percent hit in their salaries.
“This is an incredibly difficult time for our employees and their families. We are in unchartered waters but will work together and make the necessary sacrifices to steer Apollo Tyres to overcome this period,” Kanwar said.