ZEE Entertainment Enterprises Ltd (ZEEL) said in a BSE filing on Friday that it has started a 15% personnel reduction. Punit Goenka, the managing director and chief executive officer (CE) of ZEE, has suggested to the Board that a lean and simplified management structure be implemented. This proposal is in accordance with his strategic plan, which is aimed at reaching the Company's stated goals.
Consistent with his overarching strategy plan, the MD & CEO has started the 15% workforce reduction process, which will reduce the number of employees within the organization to create a more efficient team that is laser-focused on the future objectives.
Punit Goenka, MD & CEO of ZEE, stated, "Building a simplified, lateral structure for the Company will ensure that we maintain a sharp focus on Performance and Profitability as the key growth drivers." The structure that the board has been recommended adheres to this fundamental idea.
"The ZEE team, which has been reorganized, is committed to pursuing increased productivity as a means of propelling development and creating value for all of our stakeholders in the future. In order to better achieve our objectives and seize the possibilities at hand, I look forward to the Board's direction on this strategy," he continued.
R. Gopalan, Chairman, ZEE, said, "The Board has noted the MD & CEO's steps being taken to streamline the organization and the proposed lean structure." Although the Board is now discussing the issue, there is no doubt that the proposed structure is in line with the strategic direction provided to the management. The Board commends the efforts made to raise the company's general performance, reaffirming its faith in the management team's ability to lead the organization toward its future objectives.
