MUMBAI: Media group Zee Entertainment Enterprises on Tuesday said its MD & CEO Punit Goenka will take a 20% pay cut this financial year in an excercise of cost rationalisation.
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 said in a regulatory filing.
Goenka’s continuance in the position was one of the reasons for the Japanese media major Sony to call off its mega merger deal last December.
The announcement comes on the heels of the company asking half of its employees in its tech centre in Bengaluru to leave as part of expenditure cuts and preserve cash, which have been falling. Last year it had 650 engineers at the centre. The present bench strength is not known.
Goenka said his decision has been submitted to the nomination and remuneration committee of the board.