Mukesh Ambani 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. Akash Ambani, a non-executive director and Mukesh’s son, was announced by the firm as the new board chairman.
With effect from June 27, Mukesh Ambani has resigned from his position as director of the business. According to the decisions made at Jio’s Board of Directors meeting held on Monday, June 27, 2022, Pankaj Mohan Pawar will assume the role of Managing Director of the business as effective June 27.
According to a regulatory statement from Reliance Jio Info comm, the board of the firm “accepted the appointment of Akash M. Ambani, non-executive director, as chairman of the board of directors of the company” at a meeting.
This comes after his father announced his resignation on June 27 at the end of the workday, according to the message.
The other candidates chosen were Pankaj Mohan Pawar, whose five-year tenure as managing director of the company started on June 27. Raminder Singh Gujral and KV Chowdary were chosen as independent directors.
Mukesh Ambani, 65, has resigned from the Reliance Jio board and given his eldest son Akash control over the firm as part of what the tycoon believes to be succession planning.
According to TRAI data, India’s largest telecom operator, Reliance Jio, gained 16.8 lakh mobile subscribers in April, cementing its lead in the market.