Zee Entertainment Enterprises Ltd CEO Punit Goenka annnounced on Tuesday that he will be cutting his remuneration by 20 per cent. This is one of the many cost optimisation moves that the firm has made in recent weeks in a bid to secure the firm financially.

Last week, Zee announced that they will have to lay off 50 per cent of their staff in the tech sector in Bengaluru, to optimise costs.

Earlier in the month, Nitin Mittal, President of Technology and Data vertical, resigned. His role was restructured and taken up by the remaining leadership.

Earlier, Rahul Johri had quit as the President -- Business, South Asia of Zee Entertainment Enterprises Ltd -- after a three-year stint. Johri was responsible for leading the integrated revenue and monetisation team.

Speaking on cutting his own remuneration, Goenka said, “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.”

Goenka’s decision has been submitted to the Nomination and Remuneration Committee of the Board and the Chief Financial Officer.

R. Gopalan, Chairman, Zee Entertainment Enterprises Ltd. said, “The Board and the Nomination and Remuneration Committee (NRC) has noted the decision of the MD & CEO. As the Chairman of the Board, I welcome the decision and appreciate the thought and intent behind the same.”

Further job cuts and moves to optimise costs are to be expected. Zee has set up special committee to oversee these cuts. 

In its recent earnings call, Zee revealed a strategic three-fold approach — cutting costs, minimizing business overlap, and improving quality to reclaim margins — following the collapse of its merger with Sony Pictures Entertainment.