Zee MD and CEO Punit Goenka takes a 20% pay cut

ZEE MD & CEO, Punit Goenka, announced his decision to implement a 20% reduction in his remuneration. 

Goenka’s decision has been submitted to the Nomination and Remuneration Committee of the Board and the Chief Financial Officer. 

Goenka said, “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. It is imperative to adapt as per the situation and at this point, ‘Accountability & Agility’ is the need of the hour. I must add that this voluntary decision is limited to me on a personal front.” 

R Gopalan, Chairman, Zee Entertainment Enterprises, said, “The Board and the Nomination and Remuneration Committee (NRC) have noted the decision of the MD & CEO. As the Chairman of the Board, I welcome the decision and appreciate the thought and intent behind the same. Leaders need to set the right examples, and Punit Goenka has done the same by taking direct charge of the critical (revenue) vertical of the Company. The management must enhance their productivity levels to achieve the set goals for the future and bring the Company back to its original glory.”

The company said in a press release that the management of the company is implementing all the required measures across verticals, to optimise the costs and enhance productivity. 

“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.