Zee Entertainment Enterprises Ltd. managing director Punit Goenka will take a 20% cut in his remuneration with a view to optimise costs and enhance productivity in FY24. In FY23, Goenka earned a remuneration of Rs. 35 crore comprising Rs. 21 crore in salaries and allowances, Rs. 9 crore in variable pay, a one-time payment of Rs. 5 crore, and a provident fund contribution of Rs. 20,000. His remuneration in FY22 was Rs. 41 crore while in FY21, it was Rs. 13 crore.
“The organisation is sharply focussed on adopting a frugal approach…While I am in the process of implementing the required steps and actions across all verticals of the company, I intend the required change in mindset to begin from my desk,” said Punit, adding, “It is imperative to adapt as per the situation and at this point in time, accountability and agility is the need of the hour… I must add that this voluntary decision (of a reduction in remuneration) is limited to me on a personal front.”
The MD’s decision was submitted to the nomination and remuneration committee of Zee’s board. Zee chairman R. Gopalan appreciated the thought and intent behind the decision.