Zee Entertainment sees another exit after HR personnel quits

The company informed the stock exchanges that Animesh Kumar, the president, HR and transformation, designated as ‘senior management personnel’ has stepped down from his position with effect from June 4, citing desire to pursue interests outside the organisation.

Meanwhile, Dheeraj Jaggi, who has been spearheading human resources for the Content SBU and learning enterprise culture and capability development, will assume the role of an acting chief human resources officer, the company said.

“Parting ways with ZEE is a decision filled with bittersweet emotions. While I look forward to new opportunities, leaving an organisation that has shaped so much of my professional identity is challenging. I am dedicated to ensuring a smooth transition and will do everything in my power to support and guide my successor,” Kumar said in his resignation email to MD and CEO Punit Goenka.

In April, the company’s president of content and international markets Punit Misra quit.

Prior to this, the company also witnessed other senior level exits, including Nitin Mittal, president and group chief technology officer and Rahul Johri, president business. The exits came on the back of Zee Entertainment, reportedly looking at streamlining verticals and pruning expenses. During its earnings calls for the third quarter, the company had said it was setting a three-pronged approach — reducing overlaps between businesses, cutting costs and enhancing quality to regain margin — after the merger with Sony Pictures Entertainment fell through in January.

On another note, earlier this week, the media conglomerate said it is planning to raise funds from the market via various routes, including private placement, qualified institutions placement (QIP), preferential issue, or a combination of methods. Though the company has not specified the amount it plans to raise, ZEEL, in a regulatory filing, said its board is meeting on June 6 to consider the proposal for the same.

The company’s March quarter results beat Street estimates. Zee posted a consolidated net profit of ₹13.35 crore in the March quarter as against a net loss of ₹196.03 crore in the same period of the previous fiscal. Revenue for the quarter under review grew almost 3% year-on-year to ₹2,169 crore.

The growth was aided by domestic advertising revenue rising 10.6% year-on-year due to continued recovery in the macro advertising environment and spending pickup by FMCG clients. Subscription revenue growth was driven by a pick-up in linear subscriptions, the company said in an investor presentation.

Zee Entertainment shares ended 10.43% higher at ₹140 apiece on Tuesday. CNBC-TV18