Troubled Zee TV trims salaries
Zee News Ltd, the Essel-backed quoted company behind TV channels Zee News and Zee Business channels, is cutting senior staff salaries by 5-15%. There’s more trouble ahead.
“Despite the fact that our quarterly results have been splendid, we at the senior management level, collectively felt that, we cannot afford to be complacent despite our strong performances. We have set a very high benchmark for ourselves and we are committed to live up to that,” CEO Barun Das said in a statement.
Essel Group’s flagship broadcaster Zee Entertainment Enterprises (ZEEL) is also reportedly considering salary cuts. ZEEL employees have been told by their respective unit managers that those above a certain grade (M3) will get a salary cut, even though no official communication has been made in this regard yet. M3 is an internal grade that covers most senior managers. Employees are graded from M1 to M10, and M3 and above would likely mean the majority of the 2,000-strong organization.
It also seems that Neil Chakravarti, one of Zee’s very highest of high-flyers has quit. Chakravarti, currently EVP for strategy & business development, has reportedly left ZEEL and is working out his notice ahead of doing “something entrepreneurial”. Chakravarti has been at ZEEL for four years.