Shares of ZEE Entertainment Enterprises Ltd will be in focus on Wednesday morning after MD & CEO Punit Goenka announced a 20 per cent cut in his remuneration in a 'voluntary' decision, adding that accountability and agility is the need of the hour.
In a filing to BSE, Goenka said his organisation is sharply focused on adopting a frugal approach, as it moves forward towards the set goals for the future. "While I am in the process of implementing the required steps and actions across all the verticals of the company, I intend the required change in mindset, to begin from my desk," Goenka said.
Goenka said it is imperative to adapt as per the situation and at this point in time, ‘accountability & agility’ is the need of the hour.
"Each and every employee of ZEE, works and functions with an entrepreneurial approach, as a partner and a co-owner of the company. It is this DNA of the institution, that will enable us to achieve the set targets. I must add that this voluntary decision is limited to me on a personal front.”
To recall, the merger between Sony and ZEE Entertainment was recently called off due to disagreements over compliance issues. As per media reports, the clash involved issues such as ZEE's failure to dispose of certain Russian assets and its $1.4 billion cricket rights deal with Disney.
On the other hand, Reliance Industries (RIL) and Disney announced a JV to merge Viacom18 and Star India, thereby creating a behemoth of 100-plus channels and two streaming platforms. This move, which gives Jio a much superior access to content, is negative for ZEE, Nuvama said in a March report.
Frugality, optimisation and a sharp focus on quality content are the three key tenets of the plan implemented by Goenka, to drive the company to the targeted goals, ZEE said on Tuesday.
ZEE said its management is implementing all the required measures across verticals, to optimise the costs and enhance productivity. “ZEE will continue to take all the strategic steps that are aimed towards generating value for the company’s shareholders,” the company told BSE.