Oyo announced that Mohit Bhatnagar has resigned as Director, effective June 30, 2020, according to the company’s regulatory filings. His resignation was accepted at the company’s board meeting held on September 24. Mohit will now hold a board observer position at the company.
Oyo added that Bejul Somaia, partner at Lightspeed India Partners, will continue as a board member. Both Sequoia Capital and Lightspeed India are early investors in the SoftBank-backed hospitality chain.
Commenting on the development, Ritesh Agarwal, CEO of Oyo, said, “We, at Oyo, are a board governed company and work closely with all our board members. Since day one, Mohit has played an important role in helping Oyo stay true to its mission and focus on creating value for our guests and asset partners alike. Going forward, Lightspeed and Sequoia jointly have one board and one board observer nomination on the Oyo Global Board. In that light, Mr Bejul Somaia will continue as the board member, and Mohit, who has been a fantastic thought partner to us, will be an observer on the Oyo Global Board,”
“I believe that Oyo is well-positioned to come out stronger from this pandemic that has deeply impacted the hospitality industry across the world. As an observer on Oyo’s Global Board, we look forward to continuing our support of Ritesh and team Oyo’s mission of bettering the hospitality industry,” Mohit Bhatnagar said.
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