Zee MD And CEO Punit Goenka To Take 20% Pay Cut

Zee Entertainment Enterprises Ltd. Managing Director and Chief Executive Officer Punit Goenka will implement a 20% reduction in his remuneration.

Frugality, optimisation and a sharp focus on quality content led to the decision, a company statement said on Tuesday.

Goenka highlighted that the required change in mindset should begin from his desk.

"It is imperative to adapt as per the situation and at this point in time, ‘accountability and agility’ is the need of the hour. Each and every employee of Zee works and functions with an entrepreneurial approach, as a partner and a co-owner of the company."

Goenka's resolve is submitted to the nomination and remuneration committee of the board and the chief financial officer.

The management of the company is executing required steps across verticals, to optimise the costs and improve productivity.

Earlier, Zee had 'pruned' its Technology and Innovation Centre by about 50% to achieve a cost-effective structure. They followed the guidance provided by the special committee, which had conducted a critical assessment of its several business verticals.

TIC is a Bengaluru-based business vertical of the company that offers technology solutions.

In February, the board of the company added investigation assessment as a primary responsibility of the committee and amended the name from "Independent Advisory Committee” to "Independent Investigation Committee".

The committee was formed to review the alleged widespread circulation of misinformation, market rumours and speculation about Zee.