ZEE Entertainment Enterprises Ltd on Tuesday said its Managing Director and CEO Punit Goenka has decided to take a 20 per cent cut in his remuneration, in line with the strategic and frugal approach implemented across the organisation.
The management of the company, under the leadership of Goenka, is implementing all the required measures across verticals to optimise costs and enhance productivity, ZEE Entertainment Enterprises Ltd said in a regulatory filing.
As per the company's annual report for 2022-23, the total remuneration paid to Goenka was Rs 35.07 crore.
He said the organisation is sharply focused on adopting a frugal approach, as it moves 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," he said while announcing his decision to take a pay cut of 20 per cent.
He further said it is imperative to adapt as per the situation and at this point in time, 'accountability and agility' are the need of the hour. 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.
ZEEL said its board, chaired by R Gopalan, has instituted the required measures to guide and mentor the management on a regular basis to enable the team to achieve its set goals.
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.
Last week, ZEEL announced that it has "pruned" its Technology and Innovation Centre (TIC) staff by about 50 per cent, following the guidance of a special committee, which had conducted a critical assessment of its several business verticals.
Though the company did not share the exact number of employees impacted by the move, ZEEL in its latest annual report said, "The centre has over 650 engineers who give us an unparalleled edge in the race to win the digital ecosystem".