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India’s Zee To Cut 15% Of Staff, CEO Punit Goenka Proposes “Lean” Board Structure
India's Zee Entertainment Enterprises is planning to cut its workforce by 15%. MD and CEO Punit Goenka is also proposing a "lean" board structure.
A filing to the Indian National Stock Exchange today claimed the new structure was “aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus” and “enable the company to chart higher growth by maintaining a keen eye on performance and profitability.” Goenka’s filing also claimed that “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.” That was despite Goenka and his father, Zee founder Subhash Chandra, having orders lifted that banned them from the boardrooms of listed companies for a year over allegations of insider trader.
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