Ritesh Agarwal-led traveltech giant OYO has announced a significant change in its leadership. The company has elevated Rakesh Kumar to the position of Chief Financial Officer (CFO), effective from January 1, 2024, reflecting a strategic shift in the company’s financial leadership.
What will the role of the new CFO?
According to the company’s statement, In his new role as CFO, Rakesh Kumar, previously the Deputy Chief Financial Officer, will continue to drive the company’s financial strategy and operational efficiency. He will oversee various financial functions such as business finance, treasury, controllership, shared services, and financial planning and analysis.
“Rakesh’s elevation to the role of CFO is a crucial milestone in our pursuit of financial stability. 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,” OYO Founder & CEO Ritesh Agarwal said.
Who is Rakesh Kumar?
Rakesh Kumar joined OYO in January 2018 as the Deputy Group CFO. Before joining OYO, he held several senior leadership positions in Zomato, EY, and Moore Stephens.
The company said Kumar played a significant role, especially during the COVID-19 pandemic. His leadership was pivotal in ensuring the company’s financial stability through successful equity and debt raises and strategic acquisitions.
He also played a key role in the transition of acquisitions within OYO, including European organizations Direct Booker and Bornholmske Feriehuse, it said.
“I appreciate the trust placed in me to navigate these complexities. I want to express my heartfelt thanks to management and specially my mentor Abhishek Gupta for unwavering support and for believing in my abilities. Throughout the years, I’ve been encouraged to make strategic decisions on my own and pioneer creative solutions to our day-to-day challenges. I am fully committed to leveraging this autonomy to strengthen our financial position and drive sustained success for OYO,” Kumar said.
Additional organizational changes
Alongside Kumar’s promotion, OYO announced that Ankit Tandon, Global Chief Business Officer and CEO SEAME (South East Asia and Middle East), will take on additional responsibilities. He will head investor relations, including mergers and acquisitions, as well as financial planning and analysis functions.
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