India’s Zee Entertainment said on Tuesday its CEO Punit Goenka will take a 20% pay cut, days after downsizing workforce at its technology and innovation centre, as part of the company’s cost-cut drive.
Goenka’s annual remuneration was 350.71 million rupees ($4.21 million) as of March 31 last year. Zee did not immediately respond to a request for the latest figures.
The pay cut comes as the broadcaster tries to trim losses in some of its businesses, including its English TV channels, and reduce costs to meet a key profit target, as instructed by a newly formed review panel last week.
Zee had on Friday reduced workforce at its technology and innovation centre in Bengaluru by about half based on the panel’s recommendations.
Goenka was a key figure in the company’s failed $10 billion merger with Sony India earlier this year, mainly due to a stalemate over who will lead the merged entity.
Zee had proposed Goenka to take the helm, but Sony backed out after he became the subject of an investigation by India’s market regulator.
Zee shares have lost nearly 34% of their value since the deal talks with Sony India fell apart.
($1 = 83.3500 Indian rupees)
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