Zee CEO Punit Goenka takes 20% pay cut in cost-cut push

Goenka Business & Finance

02/04/2024 15:43

BENGALURU, April 2 (Reuters) - India's Zee Entertainment
 ZEE.NS  said on Tuesday its CEO Punit Goenka will take a 20%
pay cut, days after downsizing workforce at its technology and
innovation centre, as part of the company's cost-cut drive.
    Goenka's annual remuneration was 350.71 million rupees
($4.21 million) as of March 31 last year. Zee did not
immediately respond to a request for the latest figures. 
    The pay cut comes as the broadcaster tries to trim losses in
some of its businesses, including its English TV channels, and
reduce costs to meet a key profit target, as instructed by a
newly formed review panel last week.
    Zee had on Friday reduced workforce at its technology and
innovation centre in Bengaluru by about half based on the  
panel's recommendations.
    Goenka was a key figure in the company's failed $10 billion
merger with Sony India  6758.T  earlier this year, mainly due to
 a stalemate over who will lead the merged entity.
    Zee had proposed Goenka to take the helm, but Sony backed
out after he became the subject of an investigation by India's
market regulator. 
    Zee shares have lost nearly 34% of their value since the
deal talks with Sony India fell apart. 

($1 = 83.3500 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru and additonal reporting
by Ashna Teresa Britto)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))