Zee's Goenka Leads by Example with 20% Salary Reduction

3 Apr 2024 , 11:30 AM

Punit Goenka, MD & CEO of ZEE Entertainment Enterprises (ZEE), declared on Tuesday that he would be implementing a 20% pay cut.

“Frugality, Optimization and a Sharp Focus on Quality Content are the three key tenets of the plan implemented by Punit Goenka, to drive the company to the targeted goals; and the above mentioned voluntary decision, is in line with this approach,” Zee stated in a statement.

According to the company’s annual report, Goenka was paid a total of ₹35 Crore in FY23. This amount consisted of ₹21 Crore in salary and benefits, ₹9 Crore in variable pay, ₹5 Crore as a one-time payment, and ₹0.2 lakh as a provident fund contribution.

In FY22, Goenka was paid ₹41.1 Crore, while in FY21, it was ₹13 Crore.

“The company, led by Goenka, is taking necessary steps in all areas to cut costs and boost productivity,” stated Zee.

The firm is acutely aware of the need to take a thrifty stance as we proceed in the direction of the predetermined objectives. Goenka declared, “I intend to start the required shift in mindset, from my desk, while I am in the process of implementing the required steps and actions across all the verticals of the Company.”

He went on to say that it is critical to adjust to the circumstances at hand and that responsibility and flexibility are now more important than ever.

Every single ZEE employee approaches their work and functions with an entrepreneurial mindset, viewing themselves as partners and co-owners of the company. The institution’s DNA is what will allow us to meet the goals that have been set. He continued, “I must emphasize that this voluntary decision is personal to me.

The Zee Board established a systematic Monthly Management Mentorship (3M) Program last month to help the management team meet important performance targets. One of the targets is a 20% EBITDA margin, which will be attained by reducing losses from five business verticals.

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