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.
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.
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
