Punit Goenka has proposed to the Board of Directors of Zee Entertainment Enterprises Ltd. (ZEEL) that he relinquished his role as Managing Director and focused exclusively on his responsibilities as Chief Executive Officer.
This decision aligns with his commitment to driving the company’s performance and profitability in accordance with the direction set by the Board and the Nomination and Remuneration Committee during their meeting on November 15, 2024.
“The company is on a solid foundation and I believe a sharper operational focus is essential to achieve our ambitious goals. This step will allow me to dedicate my time and energy entirely to the core business,” Goenka said.
The Board has outlined enhanced performance metrics for Goenka, including variable pay tied to achieving or exceeding the goals, with a cap for overachievement.
“The Board appreciates Goenka’s initiative to focus on operational aspects as CEO. His expertise will drive immense value for the company and its stakeholders. We are confident in his ability to achieve the ambitious targets set forth,” R. Gopalan, Chairman, ZEEL, stated.
To strengthen ZEEL’s leadership, the Board elevated Mukund Galgali to Deputy Chief Executive Officer, in addition to his role as Chief Financial Officer. Galgali will work closely with Goenka and the management team has been advised to appoint a Deputy CFO to further support the organisation.
The Board also announced plans to review HR policies and processes, ensuring alignment with the company’s evolving needs post-merger integration.
