ZEE’s MD & CEO Punit Goenka takes voluntary 20% pay cut after $10B Sony, ZEE merger fails

ZEE Entertainment Enterprises Ltd.'s MD & CEO, Punit Goenka, has decided to voluntarily reduce his personal remuneration by 20%. This move, announced on April 2, 2024, is part of Goenka's commitment to focusing on the company's growth plans. The decision aligns with the company's strategy of frugality, optimization, and a sharp focus on quality content, as outlined in a regulatory filing.

Goenka emphasized the importance of adapting to the current situation and fostering a culture of accountability and agility within the organization. He stated that the decision to cut his own pay is a symbolic step towards implementing necessary changes across all company verticals.

This announcement follows ZEE's termination of the $10 billion merger with Sony Pictures Networks India after two years of negotiations. ZEE had also recently announced that its revenue vertical would directly report to Goenka.

R. Gopalan, Chairman of ZEE, applauded Goenka's decision, stating that it sets the right example for leadership. The company aims to enhance productivity levels to achieve its future goals and restore the company's glory.

Under Goenka's guidance and the board's direction, strategic steps will continue to be taken to generate value for shareholders. The board has instituted measures such as the Independent Investigation Committee and the Monthly Management Mentorship Program to ensure shareholder interests are prioritized.

ZEE closed 4.32% higher at Rs 153.35 apiece on the BSE following this announcement.