Zee's Punit Goenka has announced a 20 per cent reduction in his salary as part of his initiative to promote frugality, optimization, and a sharp focus on quality content.
Goenka said in a release, “The organization is sharply focused on adopting a frugal approach, as we move 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."
At 11:20 am, the shares of the company were trading at Rs 155.75 price level, up by more than a per cent or 2 points on NSE.
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During a period marked by uncertainty, Zee has been facing challenges following the announcement of the termination of its mega media merger with Sony.
"I must add that this voluntary decision is limited to me on a personal front," he further added.
The release stated that Goenka's decision has been reviewed by the Nomination and Remuneration Committee of the Board and the Chief Financial Officer. The Board, chaired by Mr. R. Gopalan, has taken necessary actions to guide and support the management regularly, facilitating the team in achieving the company's objectives.
"The institution of the ‘Independent Investigation Committee’ and the ‘Monthly Management Mentorship (3M) Program’ are the steps taken by the Board, keeping the interest of all the shareholders of the Company at the fore," the release said.
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On an annual basis, the media company's shares have remained in the negative territory, declining by over 25 per cent on the NSE.
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