NEW DELHI: ZEE Entertainment Enterprises Ltd (ZEE) has cut down its workforce by 50% in its Technology & Innovation Centre (TIC), Bengaluru. Actioned by MD & CEO of ZEEL Punit Goenka, the steps are in line with his approach to optimise the resources and arrive at a cost-effective structure to drive continued growth, the media & entertainment company said in a statement.
“Basis the guidance received from the Board during the recently conducted Monthly Management Mentorship (3M) Program, the MD & CEO has pruned the TIC’s structure by nearly 50% and streamlined its scope of work,” ZEEL said in its statement.
Earlier this week, ZEEL announced the 3M Program to enable the management team to achieve key performance metrics, including the targeted 20% EBITDA margin, as proposed by Goenka. In order to drive the 3M Program, ZEEL’s Board has formed a Special Committee to review the management’s business performance and provide the required directional guidance.
The Special Committee comprises of ZEE Chairman R Gopalan and Uttam Prakash Agarwal, Chairman of the Audit Committee.
