New Delhi: In a surprise move, Punit Goenka has resigned from his position as Managing Director of ZEE Entertainment Enterprises Ltd (ZEEL), effective immediately. Goenka, who has been leading the company for several years, will continue to serve as CEO and focus on operational responsibilities.
The company announced the change in leadership in a statement released on Monday. According to the statement, Goenka requested to be relieved of his MD role to dedicate more time and energy to his duties as CEO. This decision comes as ZEEL is looking to improve its performance and profitability in a rapidly evolving media landscape.
“The Company remains on a firm footing and is taking all the necessary steps to build a robust foundation for its future,” Goenka said in the statement. “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.”
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ZEEL also announced the appointment of Mukund Galgali as the new Deputy CEO. Galgali, who currently serves as the company’s Chief Financial Officer (CFO), will continue to hold that position in addition to his new responsibilities.
This news comes just weeks after ZEEL’s board approved the proposal for Goenka’s re-appointment as Managing Director for a five-year term, starting from January 1, 2025. It remains to be seen how this change in leadership will impact the company’s future plans and strategies.
