After Marriott CEO gives up salary, Paytm founder says he will forgo 2 months’ salary

Vijay Shekhar Sharma said in a tweet that inspired by Arne Sorenso, he will not draw a salary for two months to assist Paytm’s office help staff.
After Marriott CEO gives up salary, Paytm founder says he will forgo 2 months’ salary
After Marriott CEO gives up salary, Paytm founder says he will forgo 2 months’ salary

After Marriott International CEO Arne Sorenso announced that he would be giving up his salary for the rest of the year, Paytm founder Vijay Shekhar Sharma said that inspired by this, he would be giving up his salary for two months.

“This message becomes totally something else after 4:30 mins. I just couldn’t hold tears in my eyes. Inspired by Arne, I will not take my salary of this month & next. I commit that money to any needs of Paytm office-help-staff in these testing times,” he said in a Tweet.

On Thursday, Sorenson announced apart from him giving up his salary, the top executive team of Marriott will take a 50% pay cut. He said in an emotional video that the coronavirus pandemic is having a more severe and sudden financial impact on its business than 9/11 and the 2009 financial crisis combined.

“There is absolutely nothing worse than telling highly valued associates, people who are the very heart of this company, that their roles are being impacted because of events totally out of their control. I’ve never been more determined to see us through than I am at this moment,” he added.

Apart from Vijay Shekhar Sharma, the leadership team of Apollo Tyres has announced a voluntary reduction in pay due to the impact of the pandemic on the automotive industry.

The Chairman and Managing Director, Onkar S Kanwar and the Vice Chairman & MD, Neeraj Kanwar today announced a 25% reduction in their salary. Furthermore, the Senior Management has also taken a voluntary reduction in their salary by 15%.

“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 in a regulatory filing.

Apollo Tyres has a diversified and multinational presence and the pay cuts will affect all senior management at the global level.

Commenting on this, Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres Ltd 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.”

IndiGo too, announced on Thursday that the airline was instituting pay cuts for senior employees and that CEO Ronojoy Dutta would himself take the highest cut of 25% amid the novel coronavirus pandemic that has hit the aviation industry hard.

"I am personally taking a 25% pay cut, SVPs (senior vice presidents) and above are taking 20%, VPs (vice presidents) and cockpit crew are taking a 15% pay cut, AVPs (assistant vice presidents), Bands D along with cabin crew will take 10% and Band Cs five%," Dutta noted.

Related Stories

No stories found.
The News Minute