Zee MD and CEO Punit Goenka to take 20% pay cut

ZEE’s MD and CEO Puneet Goenka has decided to take a voluntary 20 per cent cut in his remuneration, the company said on Tuesday. “Frugality, Optimization, and a sharp focus on quality content are the three key tenets of the plan implemented by Goenka to drive the company to the targeted goals; and the above-mentioned voluntary decision, is in line with this approach,” Zee said in an exchange filing.

Punit Goenka said Zee 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.”

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

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

Zee Entertainment Enterprises Ltd Chairman R Gopalan said the Board and the remuneration committee have noted the decision of Goenka. “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,” he said.

Gopalan said the management of the company is implementing all the required measures across verticals, to optimize the costs and enhance productivity. “Under the guidance of the Board, Mr. Goenka will continue to take all the strategic steps that are aimed towards generating value for the Company’s shareholders.” Business Today