OYO, the global hospitality giant, has appointed Rakesh Kumar as its Chief Financial Officer (CFO), effective January 1, succeeding Abhishek Gupta, who will continue in an advisory and mentorship role. Currently serving as Deputy CFO, Kumar manages crucial financial functions, including business finance across all markets. Having played a pivotal role in OYO's financial stability during the pandemic, Kumar, with a background at EY, will focus on financial strategy and operational efficiency in his new role. Simultaneously, Ankit Tandon, the Global Chief Business Officer, will take on Investor Relations responsibilities, including M&A and FP&A functions. The announcement follows OYO's successful buyback of a portion of its Term Loan B, amounting to Rs 1,620 crore, lauded by credit rating agencies Fitch & Moody's. Ritesh Agarwal, OYO's Founder and CEO, expressed confidence in Kumar's leadership during efforts to enhance profitability and strengthen the company's financial foundation.
Key Points
1. OYO has appointed Rakesh Kumar as the Chief Financial Officer (CFO), effective January 1, with the current CFO, Abhishek Gupta, transitioning to an advisory and mentorship role.
2. Kumar, who previously served as the Deputy CFO, will oversee crucial financial functions, including business finance for all markets and other key responsibilities.
3. Ankit Tandon, the Global Chief Business Officer and CEO SEAME, will now also lead Investor Relations, M&A activities, and financial planning & analysis (FP&A).
4. Over the past six years, Kumar played a crucial role in ensuring OYO's financial stability during the pandemic, and in his new role, he will continue driving financial strategy and operational efficiency.
5. The CFO appointment coincides with OYO's successful buyback of a portion of its Term Loan B (TLB), amounting to Rs 1,620 crore, a move praised by global credit rating agencies Fitch & Moody’s for strengthening OYO's financial position.
(With Agency Inputs)
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