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ZEE CEO Punit Goenka to take 20 per cent salary cut, says company

ZEE CEO Punit Goenka to take 20 per cent salary cut, says company

Zee Entertainment Enterprises has said that managing director and chief executive officer (CEO) Punit Goenka will take a 20 per cent cut in his remuneration.

The company’s management under Goenka is implementing all measures across its verticals to “optimise costs and enhance productivity, the media conglomerate said in a regulatory filing.

Zee MD and CEO Punit Goenka

As per the company’s annual report for 2022-23, the total remuneration paid to Goenka was 35.07 crore. The Zee CEO said the organisation is sharply focused on adopting a frugal approach, as it moves forward towards the set goals for the future.

ALSO READ: ‘Punit Goenka was agreeable to step down’: Zee plans legal action against Sony

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“While I am in the process of implementing the required steps and actions across all the verticals of the company, I intend the required change in mindset, to begin from my desk,” he said.

According to the filing, Goenka stressed on the need to adapt as per the situation and at this point in time, ‘accountability and agility’ are the need of the hour.

“Every employee of ZEE, works and functions with an entrepreneurial approach, as a partner and a co-owner of the company. It is this DNA of the institution that will enable us to achieve the set targets. I must add that this voluntary decision is limited to me on a personal front,” he added.

ALSO READ: Sebi to question Zee top bosses Subhash Chandra and Punit Goenka: Report

The ZEEL board led by R Gopalan has instituted the required measures to guide and mentor the management on a regular basis to enable the team to achieve its set goals.

The institution of the ‘Independent Investigation Committee’ and the ‘Monthly Management Mentorship (3M) Program’ are the steps taken by the Board, keeping the interest of all the shareholders of the company at the fore, it added.

Last week, ZEEL announced that it has “pruned” its Technology and Innovation Centre (TIC) staff by about 50 per cent, following the guidance of a special committee, which had conducted a critical assessment of its several business verticals, PTI reported.

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