Zee to cut 15% of workforce

livemint.com:

NEW DELHI : ZEE Entertainment Enterprises Ltd will lay off an estimated 15% of its staff as managing director and chief Punit Goenka moves to implement a leaner and more streamlined management structure, aimed at reducing costs and achieving the company's targeted objectives. The move will impact an estimated 500 people. The company said on Friday that a proposed new structure, presented to the Board, seeks to establish a cost-efficient operational model.

This model is designed to spur higher growth by focusing on performance and profitability. According to Zee's statement, the organizational redesign aligns with these objectives. “Building a simplified, lateral structure for the company, will ensure that we maintain a sharp focus on performance and profitability as key growth drivers, and the structure proposed to the Board is in line with this core thought.

The streamlined team at ZEE will maintain a sharper focus on targeting higher levels of productivity to drive growth in order to generate value for all our stakeholders going forward," Goenka said in a statement. Over the past few weeks, Zee has witnessed a spate of senior-level exits, including Rahul Johri, president of business; Punit Misra, president of content and international markets; and Nitin Mittal, president and group chief technology officer, as part of its efforts to cut costs and streamline operations. The planned organizational design intends to cultivate a collaborative, performance-driven culture where each team member acts as a partner and co-owner of the business, Zee added.