New Delhi, Dec 12 (IANS): Global hospitality major OYO on Tuesday announced the elevation of Rakesh Kumar as Chief Financial Officer (CFO), effective from January 1.

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

Currently working as the company’s Deputy Chief Financial Officer, Kumar oversees key financial functions, including business finance for all markets and other key roles.

“My journey with OYO has been marked by unique opportunities as well as interesting challenges. I appreciate the trust placed in me to navigate these complexities,” said Kumar.

The company also announced that Ankit Tandon, Global Chief Business Officer and CEO SEAME, will also head Investor Relations including M&A’s as well as FP&A (financial planning & analysis) function.

In his last six years at OYO, Kumar played a pivotal role in the company's financial stability during the pandemic. In his new role, he will continue driving financial strategy and operational efficiency.

Before joining OYO, Kumar worked with EY, where he contributed to a wide array of services, including statutory audits, tax audits, IFRS compliance and IPO related work.

“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,” said Ritesh Agarwal, Founder and CEO, OYO.

The announcement comes on the heels of OYO's successful buyback of a portion of its Term Loan B (TLB), totalling Rs 1,620 crore. Global credit rating agencies Fitch & Moody’s termed OYO’s move to repurchase its outstanding debt as positive.