Industry Update
Press Release10 June 2020

OYO Hotels & Homes announces the Appointment of Dr W. Steve Albrecht as Non-Executive Director on the Board

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OYO Rooms
  • A world-renowned expert in the field of corporate governance Dr W. Steve Albrecht will help the company strengthen its focus on corporate governance and process improvement at multiple levels
  • Steve is the former president of the American Accounting Association and Association of Certified Fraud Examiners and has served on boards of 10 corporates

OYO Hotels & Homes today announced the appointment of Dr. W. Steve Albrecht as non-executive director on the company's Board of Directors. He will join the board that has 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.
As a non-executive director of the board, Steve will play a supervisory role and guide the Founder and the Management, on key business decisions. Steve's academic pursuits as a lifelong learner and educator are also a goldmine of insights on the hospitality industry for the company.
Steve's experience in audit and setting high standards of corporate governance as a board member of companies, is highly acclaimed in the corporate governance field. Mr. Albrecht is a former president of the American Accounting Association and the Association of Certified Fraud Examiners. 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. Steve has served on the board of various public and private companies such as Red Hat, Inc., Cypress SemiConductor, SunPower Corporation, and ICON Health & Fitness. He is also presently 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, has chaired the audit committees, and has often been the lead independent director and Board Chair. Steve is a leadership Fellow of the NACD and was formerly named to its Directorship Top 100 directors. Steve's 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.
"We are delighted to welcome Steve to OYO's board of directors," said Ritesh Agarwal, Founder and Group CEO, OYO Hotels & Homes. "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."
"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," said Dr. W. Steve Albrecht.
"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," he further added.
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. Ritesh Agarwal, now 26, founded OYO when he was only 19 years old. He has been lauded with several honors since starting his Company, including the Forbes 30 under 30 in Consumer Tech, Fortune 40 under 40, the Businessworld Young Entrepreneur Award, and is the first resident Asian to be accepted to the Thiel Fellowship.

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OYO Rooms

Launched in 2013, OYO is India’s largest branded network of hotels. Its network currently spans over 200 Indian cities including all major metros, regional commercial hubs, leisure destinations, and key pilgrimage towns.
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About OYO Hotels & Homes

Opening its doors in 2013, OYO Hotels & Homes, a young hotel startup, today is the world's leading chain of hotels and homes. OYO today operates in over 800 cities in 80 countries, including the U.S., Europe, U.K., India, Middle East, Southeast Asia, and Japan. In the United States, OYO has 300+ hotels across 225 cities in 36 states. For more information, visit https://www.oyorooms.com/us/.

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