Punit Goenka Zee: ZEE Entertainment Enterprises Ltd on Friday said its  MD & CEO Punit Goenka has initiated a process of rationalisation of workforce by 15 per cent to prune staff strength across the company.

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In a regulatory filing, ZEE Entertainment Enterprises Ltd (ZEEL) said Goenka has proposed a lean organization structure to the board with a lateral structure while identifying broadcast, digital, movies, and music as core business units.

“In line with his overall strategic approach, the MD & CEO has initiated the process of rationalization of the workforce by 15 percent, which will prune the staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future,” the company said. As per ZEEL’s annual report for 2022-23, the number of permanent employees on the roll of the company is 3,437.

ZEEL said the proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus.

“It will further enable the company to chart higher growth by maintaining a keen eye on performance and profitability, thereby seamlessly executing its strategic priorities as required for a content creation company,” the filing said.

Punit Goenka Zee Team Structure

The proposed team structure will foster a more collaborative performance-oriented culture, it added.

“In the lateral structure, the MD & CEO has also proposed the elevation of certain team members across businesses, to provide them a higher level of responsibilities; besides him assuming direct charge of the critical business verticals leading to cross-functional collaboration, quick decision making and higher productivity levels,” the company said.

ZEEL, however, said the detailed composition of the new operating structure will be announced after seeking the required approvals and guidance from the board.

“Building a simplified, lateral structure for the company, will ensure that we maintain a sharp focus on performance and profitability as the key growth drivers, and the structure proposed to the board is in line with this core thought.

“The streamlined team at ZEE will maintain a sharper focus on targeting higher levels of productivity to drive growth in order to generate value for all our stakeholders going forward,” Goenka said.

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ZEEL chairman R Gopalan

ZEEL chairman R Gopalan said the board has noted Goenka’s steps taken to streamline the organization and the proposed lean structure.

“While the board is in the process of discussing the same, the proposed structure certainly is in line with the strategic guidance provided to the management.

“The board appreciates the steps taken by the management to enhance the overall performance of the company, reaffirming our faith in the team’s ability to drive the company towards its set targets for the future,” he added.

ZEEL said the core business units of the proposed structure will include broadcast, digital, movies, and music.

The linear business will continue to be a strong growth driver for the company with a vast portfolio of channels across genres, catering to the consumers’ every entertainment need, it said, adding the digital business will be a core area of focus combining the best of content and technology to deliver a compelling value proposition for the consumers.

The company further said intending to emerge as the leading pan-India film studio, its movies business will continue to play a strategic part of the portfolio, while the focus of the music business will be to fortify its stronghold in the market and further enhance its monetization avenues through the prism of profitability.

Goenka announcement

On Tuesday, Goenka announced to take a 20 percent cut in his remuneration in line with the larger strategic and frugal approach implemented across the organization.

As per the company’s annual report for 2022-23, the total remuneration paid to Goenka was Rs 35.07 crore.