Deepinder Goyal to give up ₹1,000-crore Eternal ESOPs as he steps down as CEO: Report
In a significant development, billionaire Deepinder Goyal, the founder and CEO of Zomato parent company Eternal, has decided to step down as the CEO of the company. As part of this transition, Goyal will also give up his unvested Employee Stock Ownership Plans (ESOPs) worth around ₹1,000 crore. This move is expected to have a notable impact on the company’s ESOP pool, with 3.3 crore shares set to return to the company.
The news, reported by Economic Times, has sent ripples through the business community, with many analysts and experts weighing in on the implications of this decision. According to Akshant Goyal, the company’s CFO, the return of these shares to the ESOP pool will have a positive impact on the company’s ability to attract and retain talent. “Because [of this]…we may not need to dilute our ESOPs again for slightly longer,” he said.
The decision by Deepinder Goyal to give up his ESOPs is seen as a significant gesture, demonstrating his commitment to the company’s long-term growth and success. By relinquishing his claim to these shares, Goyal is effectively putting the interests of the company and its employees ahead of his own personal financial gain. This move is likely to be viewed positively by investors and stakeholders, who will see it as a sign of Goyal’s dedication to the company’s mission and values.
The ESOPs that Goyal is giving up are a significant portion of his overall stake in the company. With 3.3 crore shares set to return to the ESOP pool, this will undoubtedly have an impact on the company’s overall equity structure. However, as Akshant Goyal noted, this move will also help to reduce the need for further dilution of ESOPs in the future. This, in turn, will help to maintain the value of existing shares and ensure that employees are able to benefit from the company’s growth and success.
The decision by Deepinder Goyal to step down as CEO of Eternal is also seen as a significant development for the company. As the founder and driving force behind Zomato, Goyal has played a crucial role in shaping the company’s strategy and direction. His departure will undoubtedly be felt, but it is also seen as an opportunity for the company to bring in fresh perspectives and ideas.
The news of Goyal’s departure and the relinquishing of his ESOPs has sparked a lot of interest and speculation in the business community. Many are wondering what this means for the future of Zomato and Eternal, and how the company will navigate this transition. However, one thing is clear: Deepinder Goyal’s decision to give up his ESOPs is a significant gesture that demonstrates his commitment to the company’s long-term growth and success.
As the company moves forward, it will be interesting to see how this development plays out. With 3.3 crore shares set to return to the ESOP pool, the company will have a significant amount of equity to allocate to employees and attract new talent. This, combined with the appointment of a new CEO, will undoubtedly have a significant impact on the company’s future growth and success.
In conclusion, the news that Deepinder Goyal is giving up his unvested ESOPs worth around ₹1,000 crore as he steps down as CEO of Eternal is a significant development that will have far-reaching implications for the company. As the company navigates this transition, it will be interesting to see how this move plays out and what it means for the future of Zomato and Eternal.
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