Punit Goenka, managing director and CEO of Zee Entertainment Enterprises, has said that he has not discussed his re-appointment with any shareholder and that they are the final authority in determining whether he should continue or not.
His five year term is set to end in December this year. “At the end of the day, it will be the shareholders who will decide whether I am the right person or not, or whether someone else needs to lead this company,’’ Goenka said at a concall with analysts after the firm declared its numbers for the March quarter.
Goenka, who has been at the helm for more than 15 years, is the longest-serving CEO of the company. He was reappointed as the MD and CEO in 2019, effective January 2020. Earlier this year, there were unconfirmed reports of certain institutional shareholders deliberating on calling an extraordinary general meeting to oust Goenka.
Zee’s consolidated net profit came in at ₹13.35 crore against a loss of ₹196.03 crore in the same period of the previous fiscal. Consolidated total income stood at ₹2,185.29 crore against ₹2,126.35 crore a year ago.
During the quarter, domestic advertising revenue grew 10.6 per cent over the previous year. Zee said that this was driven by the continued recovery in the macro advertising environment and spending pickup by FMCG clients.
