OYO, a global hospitality major recently announced the elevation of Rakesh Kumar as Chief Financial Officer (CFO), which will be effective from January 1 onwards. Abhishek Gupta, the current CFO, will be continuing his duties in an advisory and mentorship capacity with OYO till that time. At present, Kumar is working as the company’s Deputy Chief Financial Officer and he oversees the key financial functions, which includes business finance for all markets and other key roles.
In a statement, Kumar said, “My journey with OYO has been marked by unique opportunities as well as interesting challenges. I appreciate the trust placed in me to navigate these complexities.”
The company further announced that Ankit Tandon, who is the Global Chief Business Officer and CEO of SEAME, will also head the Investor Relations including M&A as well as FP&A (financial planning & analysis) function at the company.
Rakesh Kumar’s journey so far
In his last six years at OYO, Kumar played a pivotal role in the company's financial stability during the pandemic. Talking about his new role, he will continue to drive the financial strategy and operational efficiency of the company.
Earlier, Kumar worked with EY where his role was to contribute to a wide array of services, which included statutory audits, IFRS compliance, tax audits and IPO-related work.
Ritesh Agarwal, Founder and CEO, of OYO, said, “His leadership comes at a time when we continue to implement measures to enhance profitability and fortify our financial foundation. I wish him all the success in this new role.”
The announcement surfaced when the company successfully bought back the portion of its Term Loan B (TLB), totalling Rs 1,620 crore. Global credit rating agencies Fitch & Moody’s termed OYO’s move to repurchase its outstanding debt as positive.
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Inputs from IANS
