New Delhi: Shareholders of media and entertainment company Zee Entertainment Enterprises Ltd have approved the appointments of Divya Karani as an independent director and Saurav Adhikari as a non-executive director on the board of the company.
While Zee said the approvals reflected shareholders’ confidence in the board, proxy advisory firms iAS and SES had recommended against ratifying Adhikari’s and Karani’s appointments.
Zee said its board has been making efforts to enhance its guidance to the management and strengthen the governance framework with policies. “As part of this approach, the composition of the board is also being enhanced by enlisting experienced members from diverse sectors,” it added.
Karani comes with over three decades of experience spearheading advertising and media agencies across India, South Asia, the UK and Asia Pacific. Previously, she served as the CEO of Dentsu Media, South Asia, leading the agency for over 12 years. She currently serves on the Board of Kulfi Collective, a media network that builds brands and studios that function at the intersection of content, commerce and culture, as its chairperson and executive director.
Adhikari also comes with over three decades of domain expertise in global businesses and markets across technology, FMCG and consumer durables sectors as an operations, general management and investment specialist. His prior experience includes senior global leadership and executive roles across HCL, Unilever and PepsiCo, amongst others. He is currently the founder and senior partner at Indus Tech Edge Fund I, a growth fund focused on globalizing India’s technology ecosystem.
Zee’s shareholders have been unhappy with the extent of control the promoters have over the company despite their small stake.
Following its failed merger with the Indian entertainment business of Japan’s Sony Group Corp., Zee has set in motion a turnaround plan to cut costs and double down on growth-focused investments.
Zee is developing new business units to expand its audience and augment revenue streams, as per an investor presentation published this month.
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