Jio, the digital division of Mukesh Ambani’s Reliance Industries, an Indian conglomerate, said Tuesday he would step down as director of the unit. Akash Ambani, a non-executive director and the son of Mukesh, was announced by the company as the new chairman of the board.
Mukesh Ambani has stepped down as director of the company effective June 27. Pankaj Mohan Pawar will assume the position of general manager of the company from June 27, according to decisions taken at Jio’s board of directors meeting on Monday, June 27, 2022.
Indeed, Reliance Jio Infocomm said in a regulatory filing that at a meeting the company’s board of directors “approved the appointment of Akash M Ambani, non-executive director, as chairman of the company’s board of directors.”
This comes after his father resigned as of the end of work hours on June 27, the note said.
Pankaj Mohan Pawar was among the other selections and his five-year term as company president began on June 27. KV Chowdary and Raminder Singh Gujral were appointed as independent directors.
In what the 65-year-old billionaire considers succession planning, Mukesh Ambani has stepped down from Reliance Jio’s board of directors, handing over the management of the company to his eldest son Akash.