Zee board approves organisational restructuring

The board of Zee Entertainment Enterprises has approved a new streamlined organisational structure proposed by MD & CEO Punit Goenka to make the beleaguered company leaner.

The restructuring is in line with Goenka's plan focused on enhancing the performance and profitability levels across the company. "The organisation structure has been designed with speed and agility at the forefront, in order to nurture collaboration and leverage synergies amongst the core business segments which include Broadcast, Digital, Movies and Music," the company says.

The lean organisation structure also lays emphasis on the elevation of key team members across businesses, it says.

Goenka will assume direct charge of the critical business verticals including the domestic broadcast business. The new structure is effective immediately.

“The Board has reviewed and approved the lean organisation structure proposed by the MD & CEO, which aims at streamlining the organisation and improving efficiencies across the business. The strong and capable set of leaders identified for each core business segment in the lateral structure, are highly reflective of the Company’s deep bench strength and ensure that the Company remains well-positioned for the future,” says R. Gopalan, chairman, ZEE.

“In line with our approach towards maintaining a sharp focus on profitability, the new structure encompasses a more resilient team for the organisation to ensure agility and collaboration. Through this restructuring exercise, our aim has been to build an independent and enterprising team led by an experienced set of leaders to drive the Company forward. I look forward to working closely with the teams to chart robust growth and achieve our strategic priorities for the Company,” says Goenka.

This comes days after the Zee CEO proposed to lay off 15% of the workforce to cut employee costs. “In line with his overall strategic approach, the MD & CEO has initiated the process of rationalisation  of the workforce by 15%, 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,” Zee said in a regulatory filing. The proposed structure is aimed towards arriving at a cost-effective operational model with speed and agility as the core areas of focus, the company said.

The MD & CEO had 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.

“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,” Goenka had said.