The performance evaluation will be aligned with these targets
Mumbai: The board of Zee Entertainment Enterprises Ltd. (ZEEL) has set elevated performance targets for its MD and CEO, Punit Goenka, as part of his reappointment process, according to a regulatory filing.
During a meeting on Friday, the board approved higher benchmarks to evaluate Goenka’s performance, including a Quarterly Consolidated Revenue Outlook and a Quarterly Consolidated EBITDA Outlook for the next four quarters starting Q3 FY25. Additionally, the board mandated a payout of 25% of consolidated net profits as dividends to shareholders.
The performance evaluation will be aligned with these targets, the company stated.
On October 18, 2024, the board approved Goenka’s reappointment for a five-year term, spanning from January 1, 2025, to December 31, 2029, subject to shareholder approval.
In another development, the board appointed Saurav Adhikari as a Non-Executive Director, effective November 15, 2024. The Annual General Meeting (AGM) of ZEEL is scheduled for November 28, 2024, to be conducted via video conferencing in compliance with guidelines issued by the Ministry of Corporate Affairs and SEBI.
Meanwhile, ZEEL’s September quarter results, announced on October 18, reflected a 70.24% surge in consolidated net profit, reaching ₹209.4 crore. However, total income declined by 18.93% to ₹2,034.4 crore during the same period.
