Punit Goenka Steps Down As Managing Director From Zee, Assumes Role Of CEO

The company issued an update with the regulators and said that its board has ‘accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO’

Punit Goenka has stepped down as the Managing Director of Zee Entertainment. At the same time, he has been named as the CEO of the company. The move has been done with an aim to have Goenka focus completely on the operational responsibilities of the firm assigned by the board.

The company issued an update with the regulators and said that its board has ‘accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO’, reported PTI.

Mukund Galgali, Chief Financial Officer, Zee Entertainment will now take over as the Deputy CEO of the firm, the statement revealed. Goenka’s resignation as MD became effective from close of business hours on November 18 and his appointment as CEO was effective the same day.

The company further informed that the change will be that the variable portion of Goenka’s salary, around 40 per cent, shall be paid to him only when he achieves certain milestones. This also remains subject to a maximum cap as defined by the Board.

“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 15th November 2024,” the firm said.

The company’s board asserted that it remained confident in Goenka’s leadership to drive the firm towards a higher growth trajectory and achieve targets.

Goenka in the statement further said, “The Company remains on a firm footing and is taking all the necessary steps to build a robust foundation for its future. 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. In the long-term interest of the Company and all its stakeholders, I have approached the Board with a request to attain operational focus as the CEO.”