Zee in its regulatory filing told that Mr. Punit Goenka, the Managing Director (MD) and CEO of Zee Entertainment Enterprises, has stepped down as MD but still holds the position of CEO.  

Why Stepping Down? 

While he has been the CEO of Zee Entertainment Enterprises since his appointment on January 1, 2005, his stepping down is a fairly organic process as he completes his tenure. His decision to resign comes just 10 days before the board meeting, during which he was supposed to seek approval from the board to continue as MD.

Executive Director 

As per Zee, Mr Goenka will be on the board as long as his approval as Executive Director remains pending before the board. The general meeting for the board is scheduled for November 28. The appointment falls under ordinary resolution, necessitating more votes in favor than against. 

Zee’s Shareholding Pattern 

Currently, Mr. Goenka’s family owns only a 4% stake in Zee Entertainment Enterprises, a venture founded by his father Mr. Subhash Chandra in 1992. Other shareholders include- LIC (5%), FPI (4%), HDFC  ( 3.71%),  & ICICI Prudential (3%). 

Challenges Ahead

The position of CEO doesn't require any shareholders’ approval to continue, while the position of an executive director does need it. In the meanwhile Mr. Mukund Galgali, CFO-Zee has been appointed as the Deputy CEO.