Zee shares: ZEE MD & CEO Punit Goenka takes voluntary 20% pay cut in cost-cutting drive

ZEE Entertainment Enterprises (ZEE), MD & CEO, Punit Goenka on Tuesday announced his decision to implement a 20 per cent reduction in his remuneration.

“Frugality, Optimization and a Sharp Focus on Quality Content are the three key tenets of the plan implemented by Punit Goenka, to drive the company to the targeted goals; and the above mentioned voluntary decision, is in line with this approach,” Zee said in a statement.

In FY23, Goenka received a remuneration of Rs 35 crore, including Rs 21 crore in salary and allowances, Rs 9 crore in variable pay, a one-time payment of Rs 5 crore, and a provident fund contribution of Rs 0.2 lakh, according to the company’s annual report.

Goenka’s remuneration was Rs 41.1 crore in FY22 and Rs 13 crore in FY21.

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“The company, led by Goenka, is taking necessary steps in all areas to cut costs and boost productivity,” said Zee.”The organization 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,” said Goenka after his decision.ALSO READ: Zee cuts staff by about half at Bengaluru’s Technology & Innovation Centre to reduce costs

It is imperative to adapt as per the situation and at this point in time, accountability & agility is the need of the hour, he added.

“Each and 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 said further.

Zee board last month created a structured Monthly Management Mentorship (3M) Program to guide the management team to achieve key performance metrics, including the target of 20% EBITDA margin by cutting down losses from five business verticals.