India’s Zee Entertainment yesterday said its CEO Punit Goenka will take a 20 percent pay cut, days after downsizing the workforce at its technology and innovation centre, as part of the company’s cost-cut drive.

The pay cut comes as the broadcaster tries to trim losses in some of its businesses, including its English TV channels, and reduce costs to meet a key profit target, as instructed by a newly formed review panel last week, a Reuters report from Bengaluru stated.

Goenka’s annual remuneration was Rs. 350.71 million ($4.21 million) as of March 31 last year. Zee did not immediately respond to a request for the latest figures.

A PTI report from New Delhi quoted Goenka, while dwelling on the pay cut, as saying, “The organization is sharply focused on adopting a frugal approach, as we move forward towards the set goals for the future. While I am in the process of implementing the required steps and actions across all the verticals of the company, I intend the required change in mindset, to begin from my desk.”

Zee had on Friday reduced the workforce at its technology and innovation centre in Bengaluru by about half based on the panel’s recommendations, the Reuters report added.

Goenka was a key figure in the company’s failed $10 billion merger with Sony India earlier this year, mainly due to a stalemate over who will lead the merged entity.

Zee had proposed Goenka take the helm, but Sony backed out after he became the subject of an investigation by India’s market regulator.

R. Gopalan, Chairman, Zee Entertainment Enterprises Ltd., according to the PTI report, said, “The Board and the Nomination and Remuneration Committee has noted the decision of the MD & CEO. As the Chairman of the Board, I welcome the decision and appreciate the thought and intent behind the same.”