Zee’s MD-CEO will now take 20% less salary: Puneet Goenka told – he is making this cut in remuneration to focus on the growth plans of the company.
Zee Entertainment Enterprises Limited (ZEEL) MD and CEO Punit Goenka announced on April 2 that he is cutting his salary by 20%. Goenka said that he is making this cut in his personal remuneration to focus on the company’s growth plans. Goenka’s decision has been referred to the board’s nomination and remuneration committee and the chief financial officer, Zee said in a regulatory filing.
Zee recently announced strategic changes in its revenue vertical
Zee had recently announced strategic changes in its revenue vertical. Punit Goenka had introduced a new revenue model for this. Apart from this, the company’s business president Rahul Johri had resigned. The company also accepted his resignation. ZEEL had informed about these decisions through a notification on March 9. Johri was in the company for the last 3 years. Before JI, Rahul Johri was the first CEO of the Board of Control for Cricket in India (BCCI). Earlier, he also led Discovery’s South Asia operation.
Punit Goenka had given best wishes to Rahul Johri
After this decision, Punit Goenka had said, ‘Rahul has given a lot to the organization with his expertise and experience. I wish him success in his future endeavours. I am confident that his passion for sports and media business will continue.
Officers reporting to the Jeweler will report to the MD-CEO.
The company had issued a statement saying, ‘This announcement is the first step towards streamlining the organization to improve resource allocation and increase productivity.’ All executives reporting to Johri will now report directly to the company’s MD and CEO Punit Goenka.
Puneet prepared a roadmap to increase efficiency
The Board decided to closely monitor the business model and plan presented by the MD and CEO of the company. In which a roadmap has been prepared to increase performance and efficiency to increase the company’s revenue and profit.
Chief Growth Officer Ashish Sehgal will work with MD
At the same time, Chief Growth Officer of Advertising Revenue, Ashish Sehgal will work closely with the MD and CEO. ZEEL Chairman R Gopal had said in the Investor Summit that Zee’s business has been greatly affected due to slowdown, transaction issues and merger activity in the industry. The company’s net consolidated revenue declined by 2.36% to Rs 2073.36 crore in the October-December quarter.
The $10 billion deal with Sony was canceled on January 22.
On January 22 this year, the $10 billion merger deal between Zee and Sony Entertainment was cancelled. Both the companies signed this deal in December 2021. If this merger had happened, Zee + Sony would have become the largest entertainment network in the country with a viewership of more than 24%.
