OYO onboards former Starbucks COO as independent board member
OYO Hotels & Homes today announced the appointment of former Starbucks COO Troy Alstead as an independent member of the company’s board of directors. He will join the board that has Industry experts like 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, Mohit Bhatnagar, Managing Director, Sequoia Capital, and Aditya Ghosh.
As an independent member of the Board, Troy will play a supervisory role and provide guidance to the founder and the management, on key business decisions.
Ritesh Agarwal, Founder and Group CEO, OYO Hotels & Homes stated, “We are delighted to welcome Troy to OYO’s board of directors. Troy brings tremendous operating and governance experience that will help us continue delivering on our mission to help millions of middle-income people around the world gain access to quality accommodations at different price points. As we continue to grow and to deepen our relationships with asset owners and consumers around the world, we are fortunate to have seasoned professionals like Troy on our board of directors.”
Troy has vast experience in building ground-up, having spent 24 years at Starbucks Corporation through 24 years, and having most recently served as Chief Operating Officer. He was responsible for leading the global operations of the business and its family of brands around the world. In addition, he is also the founder, president, and CEO of Ocean5, the unique new place for playing, meeting, and dining, and Table 47, the new farm-to-table, fresh from the scratch restaurant, both located in Gig Harbor, Washington.
On his appointment, Troy said, “OYO, with its unique asset-light business model and strong data capabilities, is creating something entirely new for more than 3 billion middle-income travelers and city dwellers who need accommodations that meet their standards and also their budgets. 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.”
OYO is banking on his depth of experience in operations, financial management, business resilience planning and growth cycle management which will strengthen the company’s ability to deliver on sustainable growth, operational and service excellence, and help it to continue building a strong culture of corporate governance. His appointment also comes at a tough time for the firm given the immense pressure, due to the ongoing Covid-19 pandemic, which has forced OYO to announce pay cuts, furlough employees, and offload loss-making properties.