Punit Goenka Retracts Consent For Reappointment As Zee's MD

Punit Goenka, the CEO of Zee Entertainment Enterprises, has declined to be reappointed as the managing director, ahead of the annual general meeting (AGM). Last Monday, Goenka resigned from her role as managing director."...in continuation to our earlier disclosure dated November 18, 2024 relating to resignation of Mr. Punit Goenka as Managing Director of the Company, we hereby enclose the letter received from Mr. Punit Goenka resigning from the office of Managing Director of the Company and withdrawing his consent for his re-appointment as Managing Director of the Company as proposed in the Notice of the ensuing Annual General Meeting of the Company scheduled to be held on November 28, 2024. Goenka, however, is retaining the post of CEO."

According to a statement released by the media and entertainment company on November 18, Goenka had requested that the board remove him from his role as managing director of the business so that he may "focus" on his operational duties as CEO.

According to the statement, Goenka intends to "dedicate" his time to the company's future and improve its performance with this move.

“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 Chief Executive Officer. I am grateful to the Board for recognizing my efforts and supporting me in this approach,” Goenka said.

Key executives have been promoted and numerous others have left Zeel, which has seen a major reorganisation of its leadership in recent months. Goenka was in charge of the company's cost-cutting initiatives, which included a 15 per cent reduction in staff. His father, media tycoon Subhash Chandra, has also been crucial in leading the media and entertainment behemoth, especially since the Zee-Sony merger agreement fell through in January 2024.