Punit Goenka of Zee has announced a 20% wage reduction as part of his commitment to promote frugality, optimization, and a tight focus on quality programming.
Goenka stated in a press statement, "The organization is firmly focused on adopting a modest strategy as we move forward toward the defined goals for the future. While I am taking the necessary procedures and actions throughout all of the Company's verticals, I plan for the necessary attitude shift to begin at my desk."
At 11:20 a.m., the company's shares were trading at Rs 155.75, up more than 1% or 2 points on the NSE.
During an uncertain moment, Zee has faced hurdles following the announcement of the termination of its major media merger with Sony.
"I must add that this voluntary decision is limited to me on a personal front," he went on to say.
According to the announcement, Goenka's decision was evaluated by the Board's Nomination and Remuneration Committee, as well as the Chief Financial Officer. The Board, chaired by Mr. R. Gopalan, has taken frequent actions to guide and support management, assisting the team in meeting the company's goals.
"The institution of the 'Independent Investigation Committee' and the 'Monthly Management Mentorship (3M) Program' are the steps taken by the Board, keeping the interest of all the shareholders of the Company at the fore," according to the press statement.
On an annual basis, the media company's shares have stayed in negative territory, falling by more than 25% on the NSE.
