Zee had on Friday decreased workforce at its know-how and innovation centre in Bengaluru by about half based mostly on the panel’s suggestions.
(Representative Image)
The pay minimize comes because the broadcaster tries to trim losses in a few of its companies, together with its English TV channels, and cut back prices to fulfill a key revenue goal, as instructed by a newly fashioned overview panel final week
India’s Zee Entertainment mentioned on Tuesday its CEO Punit Goenka will take a 20% pay minimize, days after downsizing workforce at its know-how and innovation centre, as a part of the corporate’s price-minimize drive.
Goenka’s annual remuneration was 350.71 million rupees ($4.21 million) as of March 31 final yr. Zee didn’t instantly reply to a request for the newest figures.
The pay minimize comes because the broadcaster tries to trim losses in a few of its companies, together with its English TV channels, and cut back prices to fulfill a key revenue goal, as instructed by a newly fashioned overview panel final week.
Zee had on Friday decreased workforce at its know-how and innovation centre in Bengaluru by about half based mostly on the panel’s suggestions.
Goenka was a key determine in the corporate’s failed $10 billion merger with Sony India earlier this yr, primarily as a result of a stalemate over who will lead the merged entity.
Zee had proposed Goenka to take the helm, however Sony backed out after he turned the topic of an investigation by India’s market regulator.
Zee shares have misplaced practically 34% of their worth for the reason that deal talks with Sony India fell aside.
($1 = 83.3500 Indian rupees)
