Punit Goenka asks ZEEL board to relieve him from managing director position

He intends to dedicate his time and energy towards the set goals for the company's future, ZEE Entertainment Enterprises said in a press release

Punit Goenka, managing director (MD) and chief executive officer (CEO) of Zee Entertainment Enterprises (ZEEL), on Monday requested the board of directors to relinquish his position as MD to focus entirely on his operational responsibilities as CEO.

 

Goenka has agreed to remain on the board as a director, as per the company’s press release. Mukund Galgali, chief financial officer (CFO), ZEEL, will now also take on the role of deputy CEO as per the recommendations of the nomination and remuneration committee, effective immediately. Galgali will continue to report to Goenka. The company will soon appoint a deputy CFO to further strengthen the management team.

 

ZEEL’s board of directors has accepted Goenka’s approach “to maintain a sharp focus on propelling the growth of the company,” said the company in a statement. This follows the board's directive during the meeting on November 15 for Goenka to “enhance the company’s performance and profitability levels.”

 

“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,” said Goenka in a statement. “In the long-term interest of the company and all its stakeholders, I have approached the board with a request to focus on an operational role as CEO. I am grateful to the board for recognising my efforts and supporting this approach,” he added.

 

The company stated that Goenka aims to increase his presence in key operational markets to better tap into the pulse of consumers and advertisers.

 

“The board will continue to review the performance of the company periodically to help achieve the targeted goals and build sustained growth momentum,” ZEEL said in a statement. “The board remains confident in Goenka’s ability to drive a higher growth trajectory for the company and achieve the enhanced targets in an operational capacity. Hence, it has specified higher performance metrics for his 40 per cent variable pay. If he exceeds his targets by more than 100 per cent, he may receive a higher variable pay, subject to a cap.”