Zee Entertainment Raises MD Punit Goenka's Goals Prior to Reappointment Vote

Prior to Punit Goenka's reappointment, which is up for vote at the company's annual general meeting, the board of directors of Zee Entertainment Enterprises Ltd. has established increased goals for the managing director and CEO.

"The board considered and approved higher targets to assess Punit Goenka's performance based on the nomination and compensation committee's recommendation. These targets include a quarter-by-quarter consolidated revenue outlook for the next four quarters (starting in Q3FY25), a quarterly consolidated Ebitda outlook for the next four quarters (starting in Q3FY25), and a dividend payment to shareholders of 25% of consolidated net profits. Additionally, based on the aforementioned goals, the board will monitor Punit Goenka's performance," the business stated in an exchange filing.

According to Zee's filing, the board also authorized the nomination of Saurav Adhikari as an extra non-executive director, effective November 15th, pending the company's members' consent.

Adhikari is an operations, general management, and investment professional with forty years of experience in international markets and enterprises in the consumer durables, technology, and fast-moving consumer goods sectors. He served as the founding president of HCL's new enterprise networking company, president of the company's IT-enabled services North American business, and president of global corporate strategy during his more than 20 years in the technology industry.

In addition, he has held a number of high-level executive and global leadership positions at Unilever, served as vice president at PepsiCo, and served as CEO of Groupe SEB's India division. At the moment, he serves as the creator and senior partner of Indus Tech Edge Fund I, a growth fund dedicated to expanding India's technological sector internationally.

Goenka's salary cut

Goenka announced in April that his pay would be reduced by 20% in order to promote efficiency, frugality, and a laser-like focus on high-quality content.

According to the company's annual report, Goenka was paid ₹35 crore in FY23, which included ₹21 crore in salary and benefits, ₹9 crore in variable compensation, a one-time payment of ₹5 crore, and a ₹0.2 lakh contribution to the provident fund.