ZEE's Punit Goenka to resign as MD, stay on as CEO
Zee Entertainment Enterprises Ltd. (ZEEL), has decided to step down from the MD role to focus exclusively on his responsibilities as CEO, according to a company statement.
Goenka will remain on the board as a Director, pending shareholder approval, the statement said, adding that the board has approved his request, citing the need for dedicated focus on ZEEL's operational growth strategy.
This decision precedes a significant shareholder vote scheduled for November 28 regarding Goenka's reappointment as MD and CEO for a new five-year term commencing in January 2025.
In line with this transition, Mukund Galgali, the current Chief Financial Officer (CFO), has been promoted to Deputy CEO while retaining his CFO duties. These changes take effect immediately, reflecting the company's aim to streamline its leadership structure and sharpen its focus on core business operations.
Goenka's decision is aimed at enhancing profitability and improving operational efficiency, consistent with ZEEL's broader objectives of revenue growth and stronger financial performance. The board expressed confidence in his leadership, linking his remuneration to higher performance metrics.
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