The board of Zee Entertainment Enterprises Ltd (ZEEL) has recently set higher performance targets for its Managing Director and CEO, Punit Goenka, as part of his re-appointment process.
This decision was made during a board meeting held on Friday, where the new targets were approved to evaluate Punit’s performance.
Performance Metrics and 5-Year Re-appointment Proposal
The new performance metrics include a quarterly consolidated revenue outlook for the next four quarters, starting from Q3FY25.
Additionally, there will be a quarterly consolidated EBITDA outlook for the same period. There will be a payout of 25% of consolidated net profits as dividends to shareholders.
These targets are designed to ensure that Punit’s leadership continues to drive the company’s growth and profitability.
Earlier, on October 18, 2024, the board approved a proposal for Punit’s re-appointment for a five-year term.
This term will be effective from January 1, 2025, to December 31, 2029. However, the re-appointment is subject to approval from the shareholders.
This approval will be sought during the Annual General Meeting (AGM) scheduled for November 28, 2024.
In its recent financial results for the September quarter, ZEEL reported a significant jump of 70.24% in its consolidated net profit, reaching Rs 209.4 crore.
However, the company’s total income declined by 18.93% to Rs 2,034.4 crore during the same period.
The board’s decision to set higher targets for Punit reflects its commitment to improving financial performance and achieving strategic goals.
Appointment of Additional Director at Zee Entertainment
In addition to setting higher targets for Punit, the board also approved the appointment of Saurav Adhikari as additional director.
He will assume the role of Non-Executive Director, effective from November 15, 2024.
This move is expected to bring fresh perspectives and expertise to the board, further supporting the company’s growth initiatives.
The board’s decision to enhance performance targets for Punit Goenka underscores its focus on driving ZEEL’s growth and profitability.
With the upcoming AGM and the shareholders’ approval, Punit’s re-appointment will be a significant step.
The appointment of Saurav Adhikari as an additional director further strengthens the board’s capabilities in steering the company towards a successful future.
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