ZEE layoffs: CEO Punit Goenka to cut workforce by 15% in a bid to cut costs

Zee Entertainment Enterprises has proposed the implementation of a lean and streamlined management structure to the Board

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.

In line with his overall strategic approach, the MD & CEO has initiated the process of rationalisation of the workforce by 15 per cent, that will prune the staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future.

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“Building a simplified, lateral structure for the Company, will ensure that we maintain a sharp focus on Performance and Profitability as the key growth drivers, and the structure proposed to the Board is in line with this core thought,” said Punit Goenka, MD & CEO, ZEE.

“The streamlined team at ZEE will maintain a sharper focus on targeting higher levels of productivity to drive growth in order to generate value for all our stakeholders going forward. I look forward to the Board’s guidance on this approach, enabling us to pursue our goals more effectively and take advantage of the opportunities before us,” he further added.

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R. Gopalan, Chairman of ZEE, said, “The Board has noted the MD & CEO’s steps being taken to streamline the organisation and the proposed lean structure. While the Board is in the process of discussing the same, the proposed structure certainly is in line with the strategic guidance provided to the management. 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.”

The proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus. It will further enable the Company to chart higher growth by maintaining a keen eye on Performance and Profitability, thereby seamlessly executing its strategic priorities as required for a content creation company.

“Frugality, Optimisation and a Sharp Focus on Quality Content are the three key tenets of the plan implemented by the management, and the proposed organisation design will be in line with this approach. The proposed team structure will foster a more collaborative performance-oriented culture. In order to nurture and encourage the entrepreneurial spirit, which is an intrinsic part of ZEE’s DNA, every team member of the lean structure will function as a partner and a co-owner of the Company,” the company wrote in the statement.