Zee Entertainment share price up nearly 8% after Punit Goenka resigns as Managing Director

The stock gained up to 7.9% to ₹124.6 per share on the NSE. At 10:20 am, it was trading at ₹124, up 7.4%.

The company's market capitalisation stands at ₹11,911.40 crore, while the free-float m-cap is ₹11,423.85 crore.

Punit Goenka to continue as CEO

Puniy Goenka will continue as the chief executive officer (CEO) and focus entirely on operational responsibilities assigned to him by the company's board.

In a regulatory filing, Zee Entertainment said that the board has "accepted the resignation of Punit Goenka as Managing Director of the Company and appointed him as CEO."

According to the terms of appointment, the variable portion of Goenka's salary will be paid to him on achievement of certain milestones.

The media firm said said, "With this step, he intends to dedicate his time entirely towards the future of the Company by enhancing its performance and profitability levels in line with the direction given by the Board/Nomination and Remuneration Committee in its meeting dated 15th November 2024."

The Board said it is confident in Punit Goenka, the son of media baron Subhash Chandra, to drive the company's higher growth trajectory and achieve its targets.

In a statement, Goenka said, "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."

The company's Chief Financial Officer (CFO) Mukund Galgali will assume the role of Deputy CEO of the Company, it added.