Deepinder Goyal to give up ₹1,000-crore Eternal ESOPs as he steps down as CEO: Report
In a shocking turn of events, billionaire Deepinder Goyal, the founder and CEO of Zomato’s parent company Eternal, has decided to step down from his position as CEO. As he relinquishes his role, Goyal will also be giving up his unvested Employee Stock Ownership Plans (ESOPs) worth a staggering ₹1,000 crore. This move is expected to have significant implications for the company, and in this blog post, we will delve into the details of this development and what it means for Eternal and its stakeholders.
According to a report by Economic Times, Goyal’s decision to give up his ESOPs will result in the return of 3.3 crore shares to the company’s pool. This is a significant development, as it will help the company to conserve its equity and avoid dilution. The company’s Chief Financial Officer (CFO), Akshant Goyal, has stated that “because [of this]…we may not need to dilute our ESOPs again for slightly longer.” This suggests that the company will be able to maintain its current equity structure for a longer period, which could have a positive impact on its stock price and investor sentiment.
The decision by Goyal to give up his ESOPs is seen as a strategic move to ensure the long-term sustainability and growth of the company. By relinquishing his unvested ESOPs, Goyal is demonstrating his commitment to the company’s success and his willingness to make sacrifices for the greater good. This move is also expected to send a positive signal to investors and stakeholders, who will view it as a sign of Goyal’s confidence in the company’s future prospects.
The ESOPs that Goyal is giving up are a significant portion of his overall stake in the company. With a value of ₹1,000 crore, these ESOPs represent a substantial amount of wealth that Goyal is willing to forgo. This decision is a testament to Goyal’s leadership and his commitment to putting the interests of the company ahead of his own personal interests.
The implications of Goyal’s decision to give up his ESOPs are far-reaching. For one, it will help to conserve the company’s equity and avoid dilution, which could have a positive impact on the stock price. Additionally, it will send a positive signal to investors and stakeholders, who will view it as a sign of Goyal’s confidence in the company’s future prospects. It will also demonstrate Goyal’s commitment to the company’s success and his willingness to make sacrifices for the greater good.
Goyal’s decision to step down as CEO is also seen as a strategic move to ensure the long-term sustainability and growth of the company. By relinquishing his role as CEO, Goyal will be able to focus on other aspects of the business, such as strategy and innovation. This will allow him to drive growth and innovation in the company, while also ensuring that the day-to-day operations are managed by a capable and experienced team.
The news of Goyal’s decision to give up his ESOPs and step down as CEO has sent shockwaves through the business community. Many have praised Goyal’s decision, seeing it as a sign of his commitment to the company’s success and his willingness to make sacrifices for the greater good. Others have speculated about the reasons behind Goyal’s decision, with some suggesting that it may be related to the company’s plans for expansion and growth.
In conclusion, the decision by Deepinder Goyal to give up his ₹1,000-crore Eternal ESOPs and step down as CEO is a significant development that will have far-reaching implications for the company. By relinquishing his unvested ESOPs, Goyal is demonstrating his commitment to the company’s success and his willingness to make sacrifices for the greater good. This move is expected to conserve the company’s equity, avoid dilution, and send a positive signal to investors and stakeholders. As the company looks to the future, it is clear that Goyal’s decision will play a significant role in shaping its growth and success.
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