ZEE's Punit Goenka Takes 20% Voluntary Pay Reduction

ZEE Entertainment Enterprises (ZEE), MD & CEO, Punit Goenka is implementing a 20 per cent reduction in his remuneration.      

Frugality, optimisation and a sharp focus on quality content are the three key tenets of the company’s current plan to drive to targeted goals and the voluntary pay cut is in line with this approach, said a company statement.

“The organisation 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, ‘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,” said Goenka.

"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 added.

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

R. Gopalan, Chairman of ZEE Entertainment Enterprises, stated that the board and nomination and renumeration committee (NRC) has taken note of 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 Punit Goenka has done the same by taking direct charge of critical (revenue) vertical of the Company," Gopalan said. 

The company board has employed required measures to guide and mentor the management on a regular basis, in order to allow the team to achieve the goals set for the company, according to the statement.