Mukesh Ambani Resigns From Reliance Jio, Akash Ambani Named New Chairman
Pankaj Mohan Pawar will take over as the Managing Director of the company, based on the aforementioned decisions taken after the Board of Directors meeting held yesterday
Indian telecom giant and digital company Reliance Jio is seeing a major transition.
PTI/Twitter
Billionaire Mukesh Ambani has announced his resignation from the position of the director of the company effective June 27, 2022.
Right after this announcement, the company announced that the position of the board chairman will be replaced by his son, and non-executive director, Akash Ambani. This was revealed by the telecom giant in a regulatory filing,
Reliance revealed in a statement that Akash has been instrumental in the creation of the digital ecosystem around Jio's 4G proposition in India. He closely overlooked a team of engineers in creating the India-specs focussed Jiophone in 2017 that helped individuals to transition from 2G to 4G.
Alternatively, Pankaj Mohan Pawar will take over as the Managing Director of the company, based on the aforementioned decisions taken after the Board of Directors meeting held yesterday. Pawar will commence his five-year term starting June 27, 2022.
Reuters
In the same meeting, KV Chowdary and Raminder Singh Gujral were named as independent directors, "In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority."
It¡¯ll be interesting to see what new offerings Jio brings to the table with the change in the leadership.
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