In our efforts to enhance corporate governance and ensure sustainable growth by improvement at multiple levels we are pleased to welcome Dr W. Steve Albrecht to the OYO family. Steve joins the board alongside industry experts like Troy Alstead, former COO Starbucks, Gerardo Issac (Gerry) Lopez, Operating Partner at SoftBank Vision Fund, Betsy Atkins, CEO & Founder of Baja Corporation, Munish Varma, SoftBank Investment Advisers, Bejul Somaia, Managing Director, Lightspeed Venture Partners and Mohit Bhatnagar, Managing Director, Sequoia Capital and Aditya Ghosh, former CEO – OYO India & South Asia & Former President Indigo Airlines, making it a powerful, diverse, and truly global combination.
In his capacity as a non-executive member of the board, Steve will play a supervisory role and guide the Founder and the Management, on key business decisions. Owing to Steve’s academic pursuits as a lifelong learner and educator his experience will be a goldmine of insights on the hospitality industry for OYO Hotels & Homes. His ability to provide strategic advice and actionable insights to both early-stage, as well as established Fortune 500 corporations, will help OYO trek its planned growth trajectory with greater certainty and accountability.
Mr Steve Albrecht is a former president of the American Accounting Association and the Association of Certified Fraud Examiners. His experience in audit and setting high standards of corporate governance as a board member of companies is highly acclaimed in the corporate governance field. As a professor, Steve taught full-time at the University of Illinois, Stanford and Brigham Young University. He is also a Certified Public Accountant, Certified Internal Auditor, and Certified Fraud Examiner. He has consulted with numerous organizations, including major financial institutions, the United Nations, FBI, and other organizations, and has been an expert witness in over 38 major fraud cases. He has also served on the board of various public and private companies such as Red Hat, Inc., Cypress Semiconductor, SunPower Corporation, and ICON Health & Fitness.
Presently he is on the Boards of SkyWest Airlines, Larry H. Miller Group of Companies, and Deseret Mutual Benefit Association. On these boards, Steve has been the named financial expert, chaired the audit committees, and has often been the lead independent director and Board Chair. Steve is also a leadership Fellow of the NACD and was formerly named to its Directorship Top 100 directors.
Ritesh Agarwal, Founder and Group CEO, OYO Hotels & Homes on the appointment said, “We are delighted to welcome Steve to OYO’s board of directors. Steve is an expert and a thought leader who will help us deliver on sustainable growth, operational and service excellence, and help us continue building a strong culture of corporate governance and accountability. As COVID-19 continues to impact the business and forces businesses to rethink its strategies, our board has also come together and has been constantly guiding us on business continuity and recovery measures. As we go through this, we will continue to build on our core competencies and remain committed to our mission of offering great quality spaces. We are fortunate to have seasoned professionals like Steve join us on our mission.”
Dr W. Steve Albrecht on the appointment said, “The travel and hospitality industry has been significantly impacted worldwide, but OYO’s offerings are relevant, affordable and safe. I’m excited to join in its mission of offering great quality spaces at the right price points. I’m also excited to be joining a great board of directors who, together with an outstanding management team, will guide the company to success. As the world recovers from this global pandemic, this is an exciting time to be joining the board. I look forward to working with Ritesh, the management team, and my fellow board members as OYO strives to become the world’s most beloved and preferred hotel brand,”
Known worldwide as a new age young hospitality startup, OYO Hotels & Homes has attracted some of the world’s leading investors, including Airbnb Inc., SoftBank Vision Fund, Sequoia Capital, Lightspeed, and Hero Enterprise.