New Delhi: In a surprising turn of events, Punit Goenka, CEO of Zee Entertainment Enterprises Ltd (ZEEL), has withdrawn his consent for reappointment as Managing Director. This unexpected move comes just days after he resigned from the position to focus on his role as CEO.
Goenka’s resignation as MD was announced on November 18th, with his tenure officially ending on December 31st, 2024. However, the ZEEL board had previously proposed his reappointment for another five-year term, starting from January 1st, 2025. This proposal was subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for November 28th.
The company’s filing with the exchange on Saturday confirmed Goenka’s withdrawal, stating he is “withdrawing his consent for his re-appointment as Managing Director of the company as proposed in the Notice of the ensuing Annual General Meeting.”
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This development follows the ZEEL board’s decision to enhance performance targets for Goenka’s potential reappointment, as disclosed in an earlier filing.
Goenka, son of media mogul Subhash Chandra, took over as CEO of ZEEL in 2019. His decision to step down as MD and now withdraw from the reappointment process has raised questions about the future leadership of the media giant.
