Troubled by a spate of layoffs and cost-cutting measures, Zee Entertainment Enterprises Ltd (ZEEL) has seen significant top-level churn and radical changes across business verticals which have put MD and CEO Punit Goenka in charge of all critical roles.
ZEE, it seems, has become a one-man show as Goenka assumes charge of all key business verticals following restructuring measures, departures of senior ZEEL leaders, and changes in the reporting matrix.
Although the company plans to elevate certain team members across businesses, to provide them with a higher level of responsibilities, Goenka plans to assume direct charge of the critical business verticals. The “lateral structure” with Goenka at the helm is supposed to lead to “cross-functional collaboration, quick decision making and higher productivity levels.” The detailed composition of the new operating structure will be announced after seeking the required approvals and guidance from the company’s board.
ZEEL said the structure will focus on a more collaborative environment across the core business segments to leverage synergies in terms of creativity, technology and revenue generating opportunities. The core business units of the proposed structure will include Broadcast, Digital, Movies and Music.
Leadership churn
Punit Misra, who was President of Content and International Markets for ZEEL resigned in early April. Misra oversaw content across ZEE’s television network and digital platform ZEE5, domestically and internationally. Storyboard18 was the first to report about Misra’s exit.
Earlier in March, ZEEL announced the resignation of Rahul Johri, who served as President – Business. Following Johri’s resignation, Ashish Sehgal, Chief Growth Officer, Advertisement Revenue, was asked to report directly to Goenka.
Multiple sources that Storyboard18 spoke to said Shariq Patel, who is the CEO of Zee Studios, is likely to leave the company too.
This change and restructuring aligns with Goenka’s strategic approach to streamline operations and enhance productivity. He also announced a 20 percent voluntary pay cut in his remuneration a few days before Misra’s exit.
The company’s focus has been on “frugality”, optimization, and quality content, after the ZEE-Sony merger collapsed in January 2024. As part of the restructuring efforts, Goenka streamlined and revamped ZEEL’s technology and innovation centre, resulting in a 50 percent reduction in its workforce at the end of March 2024.
On April 5, Goenka initiated the process of reducing the company’s workforce by 15 percent to streamline the teams and be able to achieve ZEEL’s targeted goals.
Read More: ZEE layoffs: Zee CEO Punit Goenka plans to slash workforce by 15 percent