Shares of Zee Entertainment Enterprises Ltd. jumped over 8% on Tuesday, November 19, after Punit Goenka stepped down as Managing Director (MD) while retaining his position as Chief Executive Officer (CEO). According to a company statement, Goenka will also remain on the board as a director.
Following the announcement, ZEEL shares surged 8.17% to hit an intraday high of ₹125.40 on the NSE. The Board has accepted Punit Goenka’s resignation as Managing Director and appointed him as CEO,” the company announced in its exchange filing, emphasizing that the decision allows Goenka to dedicate his efforts entirely to operational responsibilities.
Goenka’s resignation as MD was effective from November 18, with his appointment as CEO taking place the same day. Additionally, Chief Financial Officer (CFO) Mukund Galgali has been elevated to Deputy CEO, effective immediately, and will continue reporting to Goenka.
Chairman R Gopalan expressed confidence in Goenka’s leadership, highlighting his expertise and commitment to driving operational excellence. Gopalan stated that this change will enable Mr. Goenka to bring substantial value to the company and its stakeholders.
ZEEL shares are currently up 7.69% at ₹124.27, although the stock has seen a 55% decline this year.