Following Rahul Johri’s recent exit as President of Business, ZEEL faces more turbulence. Punit Misra, President of Content and International Markets, has also stepped down.
Misra oversees content for both the TV network of ZEE as well as its digital offering ZEE5, both domestically and globally. He also manages ZEEL’s international business spanning 190 countries.
Also read: After Rahul Johri, is Punit Misra also on his way out of ZEE?
On April 2, ZEEL’s MD and CEO, Punit Goenka announced his decision to implement a 20 percent reduction in his personal remuneration.
“Frugality, Optimization and a Sharp Focus on Quality Content”, said Goenka, are the three key tenets of the plan implemented to drive the Company to the targeted goals. Goenka’s voluntary salary cut was in line with this approach, he said.
After the ZEE-Sony merger fell through in January 2024, the company embarked on a restructuring plan aimed at reducing costs.
By the end of March 2024, ZEE took steps to streamline and revamp its Technology & Innovation Centre (TIC), resulting in a reduction of approximately 50 percent in its workforce.
According to undisclosed sources speaking to Storyboard18, further layoffs are anticipated.
In addition to operational changes, ZEEL’s leadership has undergone significant changes. On March 9, the company implemented strategic adjustments in the revenue division of its broadcast business. Ashish Sehgal, Chief Growth Officer overseeing advertisement revenue, was placed under direct reporting to Goenka, while Johri resigned from his position.