Mukesh Ambani

Jun 28, 2022By Abdulaziz Nchirrah

Founder And Chairman, Reliance Industries

$93.4B

$1.3B (1.46%)

Real Time Net Worth

THE BILLIONER MUKESHI AMBAN STEPS DOWN AS RELIANCE JIO'S DIRECTOR, SON AKASH APPOINTED CHAIRMAN.

After Mukesh Ambani steps down from the board of the company, Son Akash takes over as chairman of Reliance Jio. Son Akash Ambani succeeds his father Mukesh as chairman of Reliance Jio. At Reliance Family Day, which commemorates the birth anniversary of the organization's founder Dhirubhai Ambani, on December 28 of the previous year, Ambani first mentioned a succession plan. He has stated that Reliance is "now implementing a substantial leadership transition." Prior to that, he had stated that his children would now hold a major position in the family's large enterprise during the company's annual general meeting (AGM) in June 2021. Isha, Akash, and Anant will lead the next round of Reliance leaders, he had stated, and they will "further enrich this priceless legacy." The succession plan coincides with Reliance's pricey transition to clean fuels, which company is undergoing through spending across the entire value chain of solar, batteries and hydrogen.

The revelation shows a clear transfer of wealth by the 65-year-old businessman, who was involved in a contentious succession fight with his younger brother after their father passed away in 2002 without leaving a will.

Akash Ambani, a non-executive director, was appointed as the company's board of directors' chairman, according to a filing with the stock exchange by Reliance Jio.

Pankaj Mohan Pawar was appointed as managing director of Reliance Jio for a five-year term beginning on June 27, 2022, by the board during that same meeting. The independent directors selected were Raminder Singh Gujral and KV Chowdary. With the declaration on Tuesday, Mukesh Ambani officially delegated more authority to his children for the first time since he promised last year that they would do so.

Along with overseeing other significant acquisitions, Akash Ambani worked on the teams that negotiated Meta Platforms Inc., formerly Facebook Inc., investing into the parent company of Jio.

Kavil Ramachandran, professor and executive director of the Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business in Hyderabad, told Reuters that this is "another obvious indication Mukesh Ambani is taking the next step of redefining his participation with the firm."

  • Mukesh Ambani has resigned as Director of Reliance Jio effective from 27 June
  • Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 Jun

"I sincerely hope he has taken care to make this succeed by bolstering the group around Akash."

http://youtube.com/watch?v=M-cSmiobrTc

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