Punit Goenka is stepping back from his role as managing director of ZEE Entertainment Enterprises Ltd. (ZEEL) to focus solely on his duties as CEO, following a direct appeal to the board on Monday.
The move is aimed at sharpening ZEEL’s operational focus, as Goenka targets enhanced revenue, EBITDA, and profit goals set by the board in a recent meeting.
In a statement, Goenka emphasized the need for dedicated effort to meet ZEEL’s growth targets. “The company remains on solid ground, taking necessary steps to secure a strong foundation for the future,” he said. “To achieve our goals, ZEEL’s core operations demand my full attention in an operational capacity. I’ve asked the board to allow me to focus entirely on my role as CEO for the long-term benefit of the company and its stakeholders.”
Previously, Goenka had restructured the company’s team and embarked on a deep dive into regional markets to better understand audience preferences. His strategy also involved identifying new monetization streams to drive up advertising revenue, positioning ZEEL to offer more value to advertisers.
Chairman R. Gopalan voiced the board’s support for Goenka’s decision, acknowledging his operational focus and expertise. “The board appreciates Mr. Goenka’s approach to intensify efforts on the operational aspects of the company as CEO. His business acumen is unparalleled, and we are confident in his ability to deliver substantial value to ZEEL and its stakeholders in this role,” Gopalan stated.
Alongside Goenka’s role shift, the board introduced higher performance targets tied to his variable pay, allowing Goenka to earn above 100 percent if he surpasses these targets, within certain limits.
In another strategic move, the board appointed Mukund Galgali as Deputy CEO in addition to his duties as CFO, with plans to appoint a Deputy CFO to further bolster ZEEL’s management. As the company undergoes these structural changes, the board is also reviewing HR policies and salary structures that were redefined during ZEEL’s recent merger process.