Oyo's growth is ahead of schedule, cost controls are better than ever: Steve Albrecht
Steve Albrecht is hoping Oyo will get there soon.
In an exclusive interview with ET, Steve Albrecht, a non-executive independent director on Oyo's board said in terms of corporate governance, the company is at a 'very professional' level at this point and cost controls are better than ever.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in Data ScienceVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitHe also said in terms of financial performance, the company has been ahead of schedule in multiple quarters.
«Initially it was growth at any cost, but now it is profitable growth. Oyo’s growth is ahead of schedule. This year, the company will grow its storefronts by 25%,” said Albrecht.
The former president of the American Accounting Association and the Association of Certified Fraud Examiners, Albrecht has consulted with numerous companies and major financial institutions, the UN and FBI.
“I would say corporate governance at Oyo is as good or as better as other public companies. Oyo has the right committees in place now. They weren’t all there when I started out. There is a risk committee to stay on top of the major risks that the company faces that includes cyber fraud and other strategic risks,” said Albrecht.
“There is also a stakeholder interest committee. The cost controls are better than ever. Oyo has brought down its operating costs and labour costs dramatically. It has become a much more efficient lean, mean machine,” he added.
In July, Oyo told its employees that the company posted an
