New Delhi, Dec 12 (PTI) Hospitality technology platform OYO on Tuesday announced the elevation of Rakesh Kumar to Chief Financial Officer (CFO) with effect from January 1, 2024.

Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement.

Also Read | Highest-Paid CEOs in India: Seven Out of 10 Top Paid Chief Executives Come From IT Sector, Take a Look.

Kumar, who is currently working as Deputy Chief Financial Officer, in his new role as the CFO, will continue driving financial strategy and operational efficiency, the company said.

He has been overseeing financial functions, including business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation, and financial planning and analysis, it added.

Also Read | Vishnu Deo Sai Appointed as Chhattisgarh CM: From Village Sarpanch to Chief Minister, All You Need to Know About BJP’s Tribal Leader.

In his last six years at OYO, Kumar has played a pivotal role in the company's financial stability during the COVID-19 pandemic. His leadership facilitated successful equity and debt raises and strategic acquisitions.

"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," OYO Founder & CEO Ritesh Agarwal said.

The elevation of Kumar comes at a time when OYO successfully bought back a portion of its Term Loan B (TLB), totalling Rs 1,620 crore, the company said.

The company further said that Ankit Tandon, Global Chief Business Officer and CEO SEAME (South East Asia and Middle East), will also head investor relations including mergers and acquisitions as well as financial planning and analysis functions.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)