Punit Goenka steps down as MD of Zee Entertainment, takes over as CEO

In a significant leadership reshuffle, Punit Goenka has stepped down as the Managing Director of Zee Entertainment Enterprises Ltd. (ZEEL) to assume the role of Chief Executive Officer (CEO). The transition aims to enable Goenka to dedicate his efforts to the operational responsibilities entrusted to him by the company's board.

The board announced that Goenka's resignation as MD became effective at the close of business on November 18, with his appointment as CEO taking place the same day. Mukund Galgali, the company's Chief Financial Officer, has been named Deputy Chief Executive Officer as part of the leadership changes.

Commenting on the move, Goenka highlighted the need for a concentrated focus on the company's core operations. "To ensure we achieve our long-term goals and build a solid foundation for the future, it is essential to have dedicated time and energy in an operational capacity," he stated.

The decision follows the board's approval on October 18 of Goenka's reappointment for a five-year term starting January 1, 2025, pending shareholder approval at the upcoming Annual General Meeting on November 28.

In a recent development, the board has also introduced more ambitious performance benchmarks for Goenka's leadership. These include revenue and EBITDA targets for the next four quarters, starting Q3 FY25, and a commitment to distribute 25% of the consolidated net profit as dividends to shareholders.

ZEEL, which reported a consolidated net profit increase of 70.24% to Rs 209.4 crore for the September quarter, faced an 18.93% decline in total income, amounting to Rs 2,034.4 crore during the same period.

The leadership adjustments signal the company’s intent to strengthen its operational focus while striving for enhanced performance and shareholder value.

Meanwhile, the shares of ZEEL surged 8.17% today to hit an intraday high of Rs 125.40 on the National Stock Exchange (NSE).