ZEE layoffs: Zee CEO Punit Goenka plans to slash workforce by 15 percent

The proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus.

By  Storyboard18Apr 5, 2024 7:08 PM
ZEE layoffs: Zee CEO Punit Goenka plans to slash workforce by 15 percent
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. (Image source: Moneycontrol)

ZEE Entertainment Enterprises Ltd.’s MD & CEO, 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 and CEO has initiated the process of rationalization of the workforce by 15 percent, 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.

The proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus. ZEEL said the measures 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, Optimization and a Sharp Focus on Quality Content are the three key tenets of the plan implemented by the management, and the proposed organization design will be in line with this approach," ZEE said in a statement.

The company added, "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."

In the lateral structure, MD and CEO Goenka has also proposed the elevation of certain team members across businesses, in order to provide them higher level of responsibilities; besides him assuming direct charge of the critical business verticals "leading 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 Board.

ZEEL said the lateral 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.

R. Gopalan, Chairman, ZEE stated, “The Board has noted the MD & CEO’s steps being taken to streamline the organization 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.”

Goenka added, “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. 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.” 



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First Published on Apr 5, 2024 5:37 PM

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