Zee Entertainment Enterprises Limited (ZEEL) on June 17 said that it has appointed Mukund Galgali as the acting chief financial officer (CFO) of the company after its current CFO Rohit Kumar Gupta decided to step down from his position due to personal reasons.
Galgali has been with the ZEE group for more than 17 years and is currently leading the Commercial & Strategic Initiatives of the company. He will take charge as the interim CFO from June 19, 2024.
Galgali, who is a Chartered Accountant, and a Company Secretary, has over 27 years of Global Financial and Corporate leadership experience. Zee mentioned that as a member of the leadership team, he has been providing strategic consulting advice on business planning and performance, regulatory and tax implications on business, process innovations and management controls etc. to improve business efficiency and value creation for shareholders.
Meanwhile, shares of ZEE on June 17 closed nearly 2 percent lower at Rs 160.85 apiece on BSE.
Recently, the media company has announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 percent of its workforce. It has announced a remodel of the company's leadership structure.
In the recent fourth quarter, Zee reported a profit of Rs 13.35 crore against a loss a year ago, helped by strong demand for advertising and a fall in expenses.
Domestic advertising revenue for the quarter rose nearly 11% year-on-year (YoY), driven by the continued recovery in the macro advertising environment and spending pickup by FMCG (fast-moving consumer goods) clients.
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