Zee Entertainment Sets Ambitious Targets for Punit Goenka’s Re-appointment

Zee Entertainment Enterprises Ltd (ZEEL) has raised performance targets for MD and CEO Punit Goenka for his upcoming re-appointment. Higher metrics for revenue, EBITDA, and dividends form part of the new criteria. Saurav Adhikari has also been appointed as a Non-Executive Director.

Zee Entertainment Enterprises Ltd (ZEEL) has set enhanced performance targets for Managing Director and CEO Punit Goenka as part of his re-appointment terms, according to recent regulatory filings. The targets include ambitious quarterly projections for consolidated revenue and EBITDA, along with a commitment to distribute 25% of net profits as dividends to shareholders.

During a meeting on Friday, ZEEL's board approved these heightened objectives, marking a significant shift in corporate expectations for Goenka, who was previously endorsed for a five-year term re-appointment starting January 1, 2025. This decision, however, awaits shareholder approval.

Additionally, Saurav Adhikari has been brought on board as a Non-Executive Director beginning November 15, 2024. The company's AGM is slated for November 28 via video conferencing. Notably, ZEEL reported a 70.24% increase in net profit for the September quarter, though total income fell by 18.93%.

(With inputs from agencies.)