Zee Entertainment's President and CTO Nitin Mittal Steps Down Amid Strategic Restructuring
By MYBRANDBOOK
Zee Entertainment Enterprises Ltd announced on Friday that its president and group chief technology officer, Nitin Mittal, has resigned from the company following a three-year tenure. This development coincides with strategic changes in the technology and data vertical, spearheaded by managing director and CEO Punit Goenka.
Mittal's departure comes shortly after Rahul Johri, president of business, left the company last week after serving for three and a half years.
In a statement issued on Friday, Zee stated, "Under the guidance of the Board and in line with the strategic approach undertaken by the MD and CEO, significant steps are being implemented to build a new lateral structure that lays a sharper emphasis on accountability and results."
During this transition period, Amrit Thomas, Kishore Krishnamurthy, Bhushan Kolleri, and Vishal Somani will assume interim responsibilities for various key functions within the organization, reporting to Amit Goenka, president – digital businesses and platforms.
The company's recent earnings call unveiled a strategic three-fold approach, emphasizing cost reduction, business streamlining, and quality enhancement to regain margins, following the collapse of its merger with Sony Pictures Entertainment.
Punit Goenka outlined the company's focus on frugality, quality, and output optimization across technology, content, and marketing verticals. He also emphasized efforts to increase value delivery to advertisers and explore alternative content monetization avenues.
Goenka expressed optimism about a gradual recovery in margins, targeting an 18%-20% EBITDA margin by FY26, with earnings improvement expected in the second half of fiscal year 2025.
Zee Entertainment's net profit declined 6.4% year-on-year to ₹53.4 crore in the third quarter of FY24, with operating revenue at ₹2,045.7 crore compared to ₹2,108.8 crore a year ago.
The formal termination of the merger agreement with Sony Pictures Entertainment on 22 January further underscores Zee's ongoing strategic realignment efforts.
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
INFOSYS TECHNOLOGIES PVT. LTD.
BHARAT ELECTRONICS LTD.
DRUVA SOFTWARE PVT. LTD.
FIREBOLTT
Technology Icons Of India 2023: Harsh Jain
Harsh Jain is an Indian Entrepreneur, the co-founder and CEO of the In...
Technology Icons Of India 2023: Sachin Bansal
Sachin Bansal’s fintech startup, Navi Technologies, simplifies loan ...
Technology Icons Of India 2023: Sunil Bharti Mittal
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...