Punit Goenka to step down as ZEEL MD, continue as CEO

Punit Goenka has approached the Board of Directors of ZEE Entertainment Enterprises Ltd. (ZEEL), saying that he wants to relinquish his position as the Managing Director and focus entirely on his operational responsibilities as the Chief Executive Officer.

According to the company, Punit Goenka intends to dedicate his time entirely towards the future of the company by enhancing its performance and profitability levels in line with the direction given by the Board/Nomination and Remuneration Committee in its meeting dated 15th November 2024.

Goenka has expressed his desire to dedicate his efforts entirely towards the Company’s future aspirations in order to ensure optimal utilization of his time.

In his new approach, he aims to further enhance his presence in key operational markets to further tap into the pulse of the consumers and advertisers.

Speaking about this approach, Punit Goenka 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.”

Supporting the step taken by Goenka, R. Gopalan, Chairman, ZEE stated, “The Board appreciates the approach taken by Mr. Punit Goenka to sharpen his focus towards enhancing the operational aspects of the Company as the Chief Executive Officer. His expertise and business acumen remain unmatched, and we remain confident in his abilities to deliver immense value to the Company and all its stakeholders in the position he assumes. On behalf of the Board, I wish him immense luck and success going forward.”

Based on the recommendations of the Nomination and Remuneration Committee, Mukund Galgali has been elevated to the role of Deputy Chief Executive Officer. Galgali will assume this role in addition to his profile as the Chief Financial Officer and report to CEO Punit Goenka.

The appointment is effective immediately.

The Board also advised the management to appoint a Deputy Chief Financial Officer to further strengthen the management team.

Further, the Board is continuing the review of the Company’s HR policies, processes and salary structures, which were changed during the merger integration process.