GURGAON, India — Apollo Tyres Ltd.'s leadership has agreed to take a reduction in pay due to the impact of the COVID-19 pandemic on the automotive industry.
Chairman and Managing Director Onkar S. Kanwar and Vice Chairman and Managing Director Neeraj Kanwar said they are taking a 25% reduction in their salary.
The company's senior management also has taken a voluntary reduction in their salary by 15% in a show of solidarity due to the rapidly deteriorating market conditions caused by pandemic, the Gurgaon-based tire maker said.
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.
"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," Onkar Kanwar said.
"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."