India’s Zee Entertainment Enterprises said on Tuesday that Chief Financial Officer Rohit Gupta has resigned due to personal reasons and named company veteran Mukund Galgali as acting CFO.
Gupta spent nearly six years at the broadcaster.
Galgali, the head of Zee’s commercial and strategic initiatives, has been with the group for 17 years. He will assume responsibilities as acting CFO from Wednesday, Zee said.
Also Read | Zee board approves ₹2000 crore fundraising
Two months back, the media company said it would cut about 15% of its workforce as part of a broader attempt to reduce costs to meet a key profit target.
Zee’s business has struggled over the years, with advertising revenue falling to $488 million in 2022-23 from around $600 million five years earlier. Cash reserves also dropped about 25% in that period.
However, the company swung to a profit in the latest quarter, from a year-ago loss, helped by a rebound in advertising revenue.
Also Read | Zee wants Sony to pay ₹750 crore for calling off $10-billion merger deal
