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ZEEL shares jumped 7% on Punit Goenka's resignation as MD
Punit Goenka had asked ZEEL's board to relieve him from the position of MD as he wants to 'focus' on the operational responsibilities as the chief executive officer.
ZEEL MD Punit Goenka argued that while digital is effective for transactional advertising, ZEEL’s strength lies in brand building
Zee Entertainment Enterprises Ltd (ZEEL) shares surged over 7 percent on Tuesday, November 19, after Punit Goenka stepped down as Managing Director, while continuing as the company’s Chief Executive Officer (CEO).
The company stated, "The Board has accepted the resignation of Punit Goenka as Managing Director of the company and appointed him as CEO." This move is aimed at allowing Goenka to focus exclusively on operational responsibilities assigned by the board.
Following the announcement, ZEEL shares climbed 7.35 percent to hit an intraday high of Rs 123.89 on the National Stock Exchange (NSE), Moneycontrol reported.
At around 10 am, the shares of the company were trading at Rs 123.56 apiece on the NSE, up 7.07 percent.
Goenka had asked the board of ZEE Entertainment Enterprises Ltd (ZEEL) to relieve him from the position of managing director of the company as he wants to 'focus' on the operational responsibilities as the chief executive officer.
With this move, Goenka wants to 'dedicate' his time for the future of the company and enhance its performance, the statement said.
Mukund Galgali has been elevated to the role of Deputy Chief Executive Officer of the Company. Galgali will assume this role in addition to his profile as the Chief Financial Officer of the Company and will continue to report to Goenka.
ZEEL will also appoint a Deputy Chief Financial Officer to further strengthen the management team, the company said.
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