Jio, the digital division of Mukesh Ambani’s Reliance Industries, an Indian conglomerate, said on Tuesday that he would step down as the unit’s director. Akash Ambani, a non-executive director and Mukesh’s son, was announced by the firm as the new board chairman.
Mukesh Ambani has resigned as the director of the company effective from 27 June. Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 June, according to the decisions taken at Jio’s Board of Directors meeting held on Monday, 27 June, 2022.
Indeed, Reliance Jio Infocomm, in a regulatory filing, said the company’s board at a meeting, “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, the note said.
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.
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.