Zee boss Punit Goenka has taken a 20 per cent pay cut as the company bids to optimise resources in tandem with a frugal approach and quality content.
A statement by Zee Entertainment Enterprises Ltd on Tuesday said Goenka, the CEO & MD of the company, has decided to take the voluntary pay cut.
“Frugality, Optimization and a Sharp Focus on Quality Content are the three key tenets of the plan implemented by Goenka, to drive the company to the targeted goals; and the above-mentioned voluntary decision, is in line with this approach,’’ Zee said.
During the fiscal year ending March 31, 2023, Goenka drew a remuneration of Rs 35.07 crore. This included a salary of Rs 21.02 crore, variable pay of Rs 9.05 crore, one-time payment of Rs 5 crore.
“The organisation is sharply focused on adopting a frugal approach, as we move forward towards the set goals for the future. 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,” Goenka said.
“It is imperative to adapt as per the situation and at this point in time, ‘Accountability & Agility’ is the need of the hour.’’
Goenka added that this voluntary decision ``is limited to me on a personal front’’.
Zee has made the necessary submissions to the nomination and remuneration committee (NRC) of the board and the chief financial officer.
The development comes days after Zee “pruned” the staff at its Bengaluru-based technology and innovation centre (TIC) by about 50 per cent following the guidance of a special committee, which had conducted a critical assessment of its several business verticals. Goenka has pruned the TIC staff strength to achieve a cost-effective structure.
