Mukesh Ambani, the 65-year-old billionaire, has resigned from the board of his group’s telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning.
Reliance Jio Infocomm said that the approval for the appointment of Akash Ambani as the new chairman of the company came easily from the board as mentioned in a recent stock exchange filing.
This comes after his father resigned with effect from the close of working hours on June 27, it said. Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27.
Proceeding this, Raminder Singh Gujral and KV Chowdary were appointed independent directors.
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It is, however, noted that the old billionaire Mukesh Ambani will still continue to be the chairman of Jio Platforms Ltd, the company behind all Jio digital services brands including Reliance Jio.
Akash Ambani was already serving as the non-executive director of Reliance Jio and has played an active role in the company over the last few years. Along with his twin Isha Ambani, Akash was at the helm of affairs during Reliance Industries’ mega divestment spree of 2020 where Google, Facebook, General Atlantic and even Saudi Arabia’s sovereign Public Investment Fund (PIF) invested in the retail and digital units of the company.
Earlier last year, Mukesh Ambani had hinted at a leadership transition at the helm of affairs of Reliance Industries Ltd (RIL). “All seniors — myself included — should now yield to the highly competent, extremely committed, and incredibly promising young leadership talent at Reliance,” Mukesh Ambani said in December at the Reliance Family Day, which marks the birth anniversary of the group’s founder Dhirubhai Ambani.
Akash, an economics graduate from Brown University in the US, has been involved in the development of new technologies and capabilities and will continue to work towards making data and technology more accessible to all, the company said in a statement.
According to TRAI data, India’s largest telecom operator, Reliance Jio, had gained 16.8 lakh mobile subscribers in April, cementing its lead in the market.
Change is a constant and it is a usual occurrence in the history of every company to have a new band of employees and chairman every few decades.
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This post is tagged under: Mukesh Ambani, Akash Ambani, Reliance Jio, Board of Directors, Chairman, Reliance Group of Industries, Indian Billionaire, Changes, Stock Exchange Filing
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