Zee Entertainment Enterprises witnessed another top-level exit yesterday, as its Chief Financial Officer Rohit Kumar Gupta resigned from the company.

Zee Entertainment Enterprises Ltd (ZEEL) has now elevated Mukund Galgali, as an acting Chief Financial Officer of the company, according to a regulatory filing from ZEEL, a PTI report from New Delhi stated.

The board of the company has approved the promotion of Galgali, who has been with the group for over 17 years and currently spearheads the Commercial & Strategic Initiatives of the company, it added. The change would be effective from June 19, 2024.

Recently, there have been resignations at the top level from the media and entertainment firm ZEEL.

Last week, ZEEL HR & Transformation chief Animesh Kumar resigned from the company to pursue interests outside the organisation. In April, the company’s President of Content and International Markets Punit Misra quit.

Earlier in March this year, Rahul Johri who was President of Business and heading revenue and monetisation, resigned after a stint of over three years. In March, Zee Entertainment’s President and group chief technology officer, Nitin Mittal had also resigned.

The company is raising funds up to Rs 2,000 crore from the market via various routes, including private placement, qualified institutions placement (QIP), preferential issue, or a combination of methods.

For the March quarter, ZEEL reported a consolidated net profit of Rs 13.35 crore. Its consolidated total income was up 3 per cent at Rs 2,185.29 crore in Q4 of FY24.

Zee had earlier announced a merger with Sony Pictures Network India, which could have created a USD 10.5 billion media entity in the country. However, the merger was called off by the Sony Group in January, and both sides are now mired in litigation and arbitration.

A Reuters report added that two months back, the media company said it would cut about 15 percent of its workforce as part of a broader attempt to reduce costs to meet a key profit target.