Mukesh Ambani has resigned from the Reliance Jio board and given his eldest son Akash control over the company as part of what the tycoon believes to be succession planning.
Digital Desk: The digital arm of Reliance Industries, Reliance Jio Infocomm Ltd, on Tuesday announced Mukesh Ambani would step down as the unit's director.
On Tuesday, he announced his resignation as director of Jio, the digital business of Mukesh Ambani's Reliance Industries, an Indian conglomerate. The company named Mukesh Ambani's son Akash Ambani, a non-executive director, as the new board chairman.
Mukesh Ambani has resigned from his position as director of the business with effect from June 27.
According to the decisions made at Jio's Board of Directors meeting held on Monday, Pankaj Mohan Pawar will take on the role of Managing Director of the business effective June 27, 2022.
According to a regulatory statement from Reliance Jio Infocomm, the board of the firm at a meeting "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company."
The decision comes after his father announced his resignation on June 27 at the end of the workday, according to the note.
The other candidates chosen were Pankaj Mohan Pawar, whose five-year term as managing director of the company started on June 27. In addition, Raminder Singh Gujral and KV Chowdary were chosen as independent directors.
Mukesh Ambani has resigned from the Reliance Jio board and given his eldest son Akash control over the company as part of what the tycoon believes to be succession planning.
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