CFO Mukund Galgali has been additionally designated as deputy CEO
Punit Goenka, Managing Director of ZEE Entertainment Enterprises Ltd (ZEEL), has sought to step down from his MD position to focus on operational responsibilities as the company’s Chief Executive Officer . The media and entertainment firm announced this on November 18.
The decision comes just 10 days ahead of the shareholders meeting where he was due to seek approval for another five-year term as MD and CEO, starting from January 1, 2025 to Dec 31, 2029.
In a regulatory filing on November 15, the ZEEL board announced revised performance targets for Goenka’s reappointment. These include quarterly consolidated revenue and EBITDA goals for the next four quarters, starting from Q3 of FY25
The board also promoted Mukund Galgali to the role of Deputy Chief Executive Officer of Zee. Galgali will assume this role in addition to being the company Chief Financial Officer and will continue to report to Goenka.
“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,” said 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 ofthe 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.”