On April 5, Zee Entertainment Enterprises Ltd’s MD and CEO Punit Goenka initiated a cost-cutting exercise which would lead to a 15 percent reduction in the workforce. The company announced the measure last Friday. Industry sources indicate that another round of job cuts, as part of the on-going cost-reduction measures announced last week, are likely to take place on April 12. Storyboard18 reached out to ZEEL with queries for comments. The article will be updated after we receive official comments from the company.
In line with his strategic plan focused towards achieving the targeted goals, ZEE’s Goenka proposed the implementation of a lean and streamlined management structure to the Board on April 5. The streamlining process included rationalisation of the workforce by 15 percent.
Read more: ZEE layoffs: Zee CEO Punit Goenka plans to slash workforce by 15 percent
While announcing ZEEL results for the 2023 December quarter, Goenka had outlined his strategy to improve margins in the coming quarters. He had highlighted the three focus areas for the company. They were frugality, optimisation, and a sharp emphasis on high-quality content.
Soon after, the leadership exits and restructuring began. On March 10, Rahul Johri, President Business- South Asia, decided to step down. His exit was followed by Nitin Mittal, President – Technology and Data who resigned on March 15.
On the day of Mittal’s resignation, strategic changes were announced in the Technology and Data vertical. Several reporting lines were altered, and significant steps were implemented to build a new lateral structure.
Zee also implemented a new program called the Monthly Management Mentorship (3M) Program. This program aimed to identify areas for improvement across the company. One of the first recommendations from the 3M program resulted in significant restructuring. The Technology and Innovation Center (TIC) workforce was reduced by roughly 50 percent.
In the first week of April, Punit Misra, who was President – Content and International Markets at ZEEL, quit. As the President, Misra oversaw content for both the TV network of ZEE as well as its digital offering ZEE5, both domestically and globally. He also managed ZEEL’s international business spanning 190 countries.
Around the same time Misra resigned, on April 2, Goenka announced his decision to take a voluntary 20 percent pay cut in his personal remuneration.