Zee Says MD & CEO Punit Goenka Voluntarily Takes 20% Pay Cut

Zee Entertainment Enterprises Ltd. said its Managing Director and Chief Executive Officer Punit Goenka voluntarily undertook a 20% reduction in his remuneration.

The pay cut decision, which is limited to Goenka on a personal front, is in line with the larger strategic and frugal approach implemented across the organization, Zee said in a stock exchange announcement. It didn’t disclose his remuneration details.

The Indian media and entertainment company said its management is implementing all the required measures across verticals to optimize the costs and enhance productivity.

The development comes after Zee last week “pruned” its Technology & Innovation Center (TIC) structure by about 50% to optimize resources and achieve a cost-effective structure to drive the company’s growth.

The Mumbai-based firm’s recently formed special committee, comprising Zee Chairman R. Gopalan and Audit Committee Chairman Uttam Prakash Agarwal, had identified several business verticals that need to further enhance performance of the company.

(Send feedback to editor@cornerofficejournal.com)