Zee Entertainment boosts targets for MD Punit Goenka ahead of reappointment vote

The board of directors of Zee Entertainment Enterprises Ltd has approved higher targets for managing director and chief executive officer Punit Goenka ahead of his reappointment, which is due for a vote at the company’s annual general meeting.

“Based on the recommendation of the nomination & remuneration committee the [board] considered and approved higher targets to evaluate the performance of Punit Goenka, which includes quarterly consolidated revenue outlook for the next four quarters (commencing Q3FY25), quarterly consolidated Ebitda outlook for the next four quarters (commencing Q3FY25) and payout of 25% of consolidated net profits as dividend to shareholders. Further, the board will track the performance of Punit Goenka basis the above-mentioned targets,” the company said in an exchange filing.

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The board also approved the appointment of Saurav Adhikari as an additional non-executive director with effect from 15 November, Zee said in the filing, subject to the approval of the members of the company.

Adhikari is a business leader with four decades of expertise in global businesses and markets across technology, FMCG, and consumer durables sectors as an operations, general management and investment specialist. In more than two decades in the technology sector with HCL, he held multiple leadership roles as the founding president of its startup enterprise networking firm, president of HCL’s IT-enabled services North American business, and president of global corporate strategy.

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His prior experience also includes several senior global leadership and executive roles across Unilever, vice president at PepsiCo, and CEO of the India business at Groupe SEB. He is currently founder and senior partner at Indus Tech Edge Fund I, a growth fund focused on globalising India’s technology ecosystem.

Goenka's pay cut

In April, Goenka said his remuneration would be cut by 20%, in line with his goal of driving frugality, optimisation and a sharp focus on quality content. 

In FY23 Goenka received a remuneration of ₹35 crore, including ₹21 crore in salary and allowances, ₹9 crore in variable pay, a ₹5-crore one-time payment, and a provident fund contribution of ₹0.2 lakh, according to the company’s annual report. His remuneration was ₹41.1 crore in FY22 and ₹13.2 crore in FY21.