This follows the company’s earlier announcement on November 18, where Goenka had announced his decision to step down as the MD.
“I hereby tender my resignation from the office of MD of the company with immediate effect to entirely focus on my operational responsibilities,” Goenka stated in his letter to the board dated November 18.
“Accordingly, I withdraw my consent to be re-appointed as a MD-key managerial personnel of the company proposed in the notice of the ensuing AGM of the company scheduled to be held on November 28, 2024,” the letter said.
“Further, I am willing to continue as CEO of the company if the same can be considered and approved by the board. I wish to express my gratitude towards the board of the company for giving me an opportunity to serve as a MD of the company,” the letter concluded.
Goenka announced his decision to step down as MD to focus exclusively on his CEO responsibilities. He will remain on the board as a director, pending shareholder approval, with the board endorsing his request to prioritise Zee’s operational growth strategy.Ahead of this change, Mukund Galgali, the chief financial officer (CFO), was promoted to deputy CEO while retaining his CFO role. This restructuring, effective immediately, aligns with Zee’s aim to streamline leadership and enhance core business focus.The board has tied 40% of Goenka’s variable pay to ambitious performance targets, with provisions for additional compensation if he exceeds the goals by over 100%, subject to a cap.
In a November 15 regulatory filing, the Zee board announced revised quarterly revenue and Ebitda performance metrics for Goenka’s role starting Q3 FY25. The board also committed to distributing 25% of consolidated net profits as dividends to shareholders.
In a statement issued by Zee last week, Punit Goenka emphasised that his decision to step down as managing director was aimed at dedicating his efforts to operational priorities as CEO, ensuring the company’s core businesses achieve their targeted aspirations. He expressed gratitude to the board for supporting his approach.
