The company said Kumar, who has spent more than 40 years in the financial sector, will be instrumental in guiding Oyo’s management through short-term and long-term strategy, regulatory and stakeholder engagement and growing the company’s brand globally.
Kumar had joined the bank in 1980 as a probationary officer and retired as a chairman in October 2020. He is currently on the board of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.
OYO Founder and Chairman Ritesh Agarwal said that he is a veteran in the financial services sector. “It is great to see him work closely with our board and management. His leadership lessons and professionalism are an inspiration. As we look to empower our hotel and domestic partners, or patrons, as we call them Through technology, and our global network of customers enabling us to book and live in affordable and reliable housing through a seamless digital experience, we are fortunate to have Mr. Kumar leading us on our mission. ”
“Technology innovations are exciting for Mr. Kumar and for us at OYO. His experience of digitization and technology-led initiatives for customers is important to us as we transform the lives of our stakeholders,” he added.
Commenting on his appointment, Kumar said: “Riteish, a first generation entrepreneur and his team have created a unique technology platform to make OYO a household name in the travel space. I have always been excited about startups that are looking to make a difference. Bringing a revolutionary change in the Indian economy. Looking forward to working closely with Ritesh and his team in creating value for all stakeholders.”
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Earlier, OYO had announced that Dr. Deepa Malik had joined the company’s board of directors as an independent director.