Zee Entertainment Enterprises (ZEEL) shares were trading flat on Tuesday morning even after the company announced that Punit Goenka, its managing director and CEO, would reduce his pay by 20%.

What Happened: Under Goenka’s leadership, the company is actively cutting costs and improving productivity across all areas, said the company in a statement.

Goenka emphasizes the importance of starting with changes at his level to foster the right mindset throughout the organization.

He highlighted the need for adaptability, accountability, and agility in the current climate. Goenka praised the entrepreneurial spirit of ZEE’s employees, viewing them as partners and co-owners, a perspective he believes is crucial for meeting company goals. He noted his pay cut is a personal choice.

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The ZEEL board, led by R Gopalan, has implemented strategies to regularly advise and support the management team, aiming to meet objectives. This includes forming an ‘Independent Investigation Committee’ and a ‘Monthly Management Mentorship (3M) Program’ to prioritize shareholder interests.

Following a special committee’s recommendations, ZEEL last week cut its Technology and Innovation Centre staff by about 50%, assessing the need for efficiency improvements across its operations, as per a PTI report.

Price Action: ZEEL shares were trading 0.09% higher at ₹153.50 on Tuesday morning shortly after the market opened for trading.

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