Zee Entertainment Enterprises Ltd Reviews CEO Punit Goenka's Appointment Performance Under Enhanced Targets

Mumbai, November 22 (Alchemy News Network)-The board of Zee Entertainment Enterprises Ltd (ZEEL) has set higher performance targets for its Managing Director and Chief Executive Officer (MD & CEO), Punit Goenka, following his reappointment for a five-year term. The move is aimed at tracking the performance of Goenka based on specific benchmarks, including quarterly income and profit outlook.

In a regulatory filing shared by ZEEL, the board considered and approved higher targets for Goenka to evaluate the impact of his leadership. These targets include Quarterly Consolidated Revenue Outlook for next four quarters (commencing Q3FY25) and Quarterly Consolidated EBITDA Outlook for next four quarters (commencing Q3FY25). Additionally, the board has set a dividend payout of 25% of consolidated net profits as a percentage dividend to shareholders.

On October 18th, Goenka received approval from ZEEL's board, paving his reappointment with terms running from January 1, 2025 to December 31, 2029. However, the move still requires shareholder approval before it may come into effect.

Besides Goenka's appointment enhancement targets have been set to gauge improvement in corporate performance. Furthermore non-executive director, Saurav Adhikari appointed by directors of ZEEL with effective November 15th for more than a hundred days through virtual conference held on November 22nd.

Also in line AGM video-conference, slated to be convened on November 28, 2024, as well as board meeting scheduled at November.

On a business update October 18th Q3 earnings release, the group's total income contracted by over seventeen percent and consolidated net profit increased by above seven fold i.e Rs 210.94 crore compared with three months prior.