OYO Elevates Rakesh Kumar As Chief Financial Officer, Effective January 1

New Delhi

Hospitality giant OYO has announced the elevation of Rakesh Kumar as Chief Financial Officer (CFO), effective January 1. Kumar, currently serving as the Deputy Chief Financial Officer, oversees key financial functions, including business finance for all markets. Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity. Rakesh Kumar played a pivotal role in ensuring OYO's financial stability during the challenges posed by the pandemic. In his new role as CFO, he will continue driving financial strategy and operational efficiency. Before joining OYO, Kumar worked with EY, contributing to various services such as statutory audits, tax audits, IFRS compliance, and IPO-related work. OYO also announced that Ankit Tandon, the Global Chief Business Officer and CEO SEAME, will additionally head Investor Relations, including M&A activities, and the Financial Planning & Analysis (FP&A) function. Ritesh Agarwal, Founder and CEO of OYO, expressed confidence in Kumar's leadership, especially during a crucial time when the company is implementing measures to enhance profitability and fortify its financial foundation. The announcement follows OYO's successful buyback of a portion of its Term Loan B (TLB), amounting to Rs 1,620 crore, which received positive reviews from global credit rating agencies Fitch and Moody's.