Zee CTO Nitin Mittal quits as company streamlines tech vertical

This announcement comes amid strategic changes in the technology and data vertical, implemented by managing director and CEO Punit Goenka.

The news also comes close on the heels of Rahul Johri, president, business, quitting the company after a three-and-a-half-year stint last week.

“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,” Zee said in a statement on Friday.

Amrit Thomas, responsible for data science, Kishore Krishnamurthy, responsible for engineering, Bhushan Kolleri, responsible for product and Vishal Somani, responsible for enterprise and content technology, on an interim basis, will report to Amit Goenka, president – digital businesses and platforms.

“The steps taken by the MD and CEO are aimed towards achieving a cost-effective structure, optimizing the resources and maintaining a sharp focus on quality, enabling continued success for the long-term growth of the company,” Zee said.

In its recent earnings call, Zee revealed a strategic three-fold approach—cutting costs, minimizing business overlap, and improving quality to reclaim margins—following the collapse of its merger with Sony Pictures Entertainment.

“Going forward, there will be a sharper emphasis on frugality, with a crystal-clear focus on quality and output. Across verticals – including technology, content and marketing – we are implementing steps to optimise spends and enhance the return on investments. A sound recalibration of the OTT cost structure will be an integral part of this process,” Goenka had said. 

The company also aims to improve synergies and reduce overlaps between businesses, he had added.

“On the revenue side, we will take steps to increase value delivery to our advertisers, apart from exploring alternative content monetisation avenues. This also includes leveraging the strength and reach of our platforms,” Goenka had said. 

He emphasised that a gradual recovery in margins was expected to reflect in earnings from the second half of fiscal year 2025 and Zee was targeting 18%-20% Ebitda margin by FY26.

Zee’s net profit dipped 6.4% year-on-year to ₹53.4 crore in the third quarter of FY24. Operating revenue stood at ₹2,045.7 crore in the three months to December, compared with ₹2,108.8 crore a year ago.

On 22 January, Sony Pictures Entertainment formally terminated its merger agreement with Zee Entertainment after months of debate on appointing a chief executive for the merged entity.

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Published: 15 Mar 2024, 06:30 PM IST