Subhash Chandra, founder of broadcasting company Zee Entertainment Enterprises Ltd., has stepped down as non-executive director, and will stay on as chairman emeritus, the company disclosed in a stock exchange filing on Tuesday. This was first reported by Bloomberg Quint.

R. Gopalan, who has been an additional director in ZEEL’s board since November, will take over as chairman. Gopalan has been an IAS officer and has served the commerce and finance ministries.

Subhash Chandra was the former chairman until he stepped down in November 2019, after selling off a stake in the company, which led to the family shareholding falling to 5%.

Punit Goenka, Chandra’s eldest son, stepped down from the board of Zee Media Corporation. He was the last family member to have a seat on the board of Zee Media. Goenka, a non-executive, non-independent director, had resigned due to a “preoccupation”. Goenka continues to be the MD and CEO of ZEEL.