7:55 PM
ZEE Entertainment Enterprises MD, CEO Punit Goenka takes 20% pay cut
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.