Zee Shares In Red As Company Sees Another Senior Management Exit

Zee‘s share price continued to make losses for the fourth straight session on Wednesday morning as the company saw another high-profile exit.

What Happened: The media giant announced on Tuesday that CFO Rohit Kumar Gupta has resigned due to personal reasons. Mukund Galgali, who has been with the company for over 17 years, will step in as the acting CFO. Gupta expressed gratitude to the board in his resignation letter, requesting the acceptance of his resignation and extending his best wishes for the company’s future.

In the past few months, the company has seen several senior-level exits. Punit Misra, the president of content and international market had resigned from his position at the company in April. Rahul Johri, president business, and Nitin Mittal, president and group chief technology officer had stepped down from their posts before Misra.

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Galgali’s promotion was approved by the Board of Directors following recommendations from the Nomination & Remuneration Committee and approval from the Audit Committee. Galgali, currently leading the Commercial & Strategic Initiatives, will now assume the role of acting CFO.

In an effort to strengthen its financial position, which was impacted by a failed merger with Sony, Zee Entertainment recently approved a proposal to raise up to ₹2,000 crore through the issuance of equity shares and/or convertible or non-convertible securities.

Price Action: Zee’s share price was down 0.87% to trade at ₹159.52 as the markets opened on Wednesday.

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