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, a step seen as succession planning by the 65-year old billionaire.
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.
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Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27.
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Raminder Singh Gujral and KV Chowdary were appointed independent directors, it added.