Punit Goenka has asked the board of ZEE Entertainment Enterprises Ltd (ZEEL) relieve him from the position of managing director of the company as he wants to 'focus' on the operational responsibilities as the chief executive officer, the media and entertainment firm said in a statement on November 18.
With this move, Goenka wants to 'dedicate' his time for the future of the company and enhance its performance, the statement said.
“The company remains on a firm footing and is taking all the necessary steps to build a robust foundation for its future. In order to ensure we maintain a sharp focus on achieving our targeted aspirations, the core businesses require dedicated time and energy which can only be achieved in an operational capacity. In the long-term interest of the company and all its stakeholders, I have
approached the Board with a request to attain operational focus as the Chief Executive
Officer. I am grateful to the Board for recognizing my efforts and supporting me in this approach,” Goenka said.
Punit Goenka to face a test of investor confidence at Zee Entertainment AGM
The board of the company also appointed Mukund Galgali as the deputy chief executive officer and he will assume this role in addition to his profile as the chief financial officer. Galgali will report to Goenka, the statement added.
The statement further said that the Board has also advised the management to appoint a Deputy Chief Financial Officer to further strengthen the management team.
On November 17, the board had enhanced the performance targets for its MD and CEO Punit Goenka for his re-appointment, according to a regulatory filing by the company.
In its meeting held on Friday, the board of ZEEL "considered and approved higher targets to evaluate the performance of Punit Goenka which includes Quarterly Consolidated Revenue Outlook for next 4 quarters (commencing Q3FY25), Quarterly Consolidated EBITDA Outlook for next 4 quarters (commencing Q3FY25) and payout of 25% of consolidated net profits as dividend to the shareholders of the Company." Now the board will track the performance of Punit Goenka based on the above-mentioned targets, it said.
Earlier on October 18, 2024, the board of ZEEL approved the proposal for Goenka's re-appointment for a five-year term, which will be effective from January 1, 2025, to December 31, 2029.
However, Goenka's re-appointment would be subject to approval from the shareholders, it added.
With PTI inputs
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