Mukesh Ambani resigns from Reliance, Akash Ambani announced chairman

Business

Reliance Jio Infocomm Ltd, the digital arm of Reliance Industry announced on Tuesday that Mukesh Ambani has resigned as the company’s director, effective June 27 with Akash Ambani, a non-executive director and Mukesh’s son, being announced as the new board chairman of the firm. Pankaj Mohan Pawar will take over as the company’s Managing Director on June 27, according to choices made during Jio’s Board of Directors meeting on Monday, June 27, 2022.

In a stock exchange filing, Reliance Jio Infocomm said the company’s board at a meeting on June 27, “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.” This comes after his father resigned with effect from close of working hours on June 27, it said.

Raminder Singh Gujral and KV Chowdary were appointed independent directors, it added.

In what the 65-year-old billionaire views as succession planning, Mukesh Ambani has stepped down from the Reliance Jio board and transferred the leadership of the company to his elder son Akash.

Pankaj Mohan Pawar was among the other selections made, and his five-year term as managing director of the business began on June 27. KV Chowdary and Raminder Singh Gujral were named independent directors.