Punit Goenka resigns as Managing Director of ZEE, appointed as CEO
The Hindu
Punit Goenka resigns as Zee Entertainment MD, appointed CEO with new performance targets and salary structure.
Punit Goenka has resigned as the Managing Director of Zee Entertainment and has been appointed as CEO to have his focus entirely on operational responsibilities assigned to him by the board of the company.
The board has “accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO,” said Zee Entertainment in a regulatory update.
“Mukund Galgali, Chief Financial Officer of Zee Entertainment, will assume the role of Deputy Chief Executive Officer of the Company,” it added.
Mr. Goenka's resignation as MD was effective from the close of business hours on November 18, 2024, and he was appointed as CEO the same day.
The change would be like the existing full-time employment for Mr. Goenka; however, the variable portion of his salary (40%) will be paid to him only on achievement of certain milestones, subject to a maximum cap as defined by the Board, according to the statement.
ZEE said: “With this step, he 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 November 15, 2024.”
The Board said it remains confident in Mr. Goenka’s abilities to drive a higher growth trajectory for the company and achieve targets.
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