ZEE’s MD & CEO, Punit Goenka, has announced a 20% reduction in his remuneration. His plan centers on Frugality, Optimization, and Quality Content to reach company goals. This voluntary decision aligns with his strategy.
Commenting on this decision, Punit Goenka said, “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. It is imperative to adapt as per the situation and at this point in time, ‘Accountability & 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. 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.”
Goenka’s decision has been submitted to the Nomination and Remuneration Committee of the Board and the Chief Financial Officer.
R. Gopalan, Chairman, Zee Entertainment Enterprises Ltd. said, “The Board and the Nomination and Remuneration Committee (NRC) has 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. It is important for leaders to set the right examples, and Mr. Punit Goenka has done the same by taking direct charge of critical (revenue) vertical of the Company. It is imperative for the management to enhance their productivity levels to achieve the set goals for the future and bring the Company back to its original glory.”
The Company’s management, led by Goenka, is taking cost optimization and productivity enhancement measures. With the Board’s guidance, Goenka will pursue strategic steps to create value for shareholders.
Under R. Gopalan’s leadership, the Board supports the management with regular guidance through the ‘Independent Investigation Committee’ and ‘Monthly Management Mentorship (3M) Program’ to help achieve Company goals and prioritize shareholder interests.
