ZEE Entertainment Enterprises Ltd (ZEEL) on Friday has initiated a 15 per cent cut in its workforce, the company said in a BSE filing. ZEE’s Managing Director and Chief Executive Officer, Punit Goenka, has proposed the implementation of a lean and streamlined management structure to the Board, in line with his strategic plan focused towards achieving the targeted goals for the Company.
The media company said that Goenka has ‘initiated the process of rationalisation of the workforce by 15 percent, that will prune the staff strength across the company.’ The core business units of the proposed structure will include broadcast, digital, movies and music.
The announcement comes just days after Zee had said that it is working towards streamlining the organisation, and is expected to help optimise resource allocation and enhance productivity. To that effect, Goenka on April 2 had announced that he is taking a 20 percent cut in his personal remuneration on grounds of focusing on the company’s growth plans. “The detailed composition of the new operating structure will be announced after seeking the required approvals and guidance from the Board,” Zee said.
To further strengthen its content creation capabilities, the lateral structure will focus on creating a more collaborative environment across core business segments, i.e., Broadcast, Digital and Movies to leverage synergies in creativity, technology, and revenue-generating opportunities. R. Gopalan, Chairman of ZEE said that while the board is in discussion of the new structure, it appreciates the move. “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,” Gopalan said.