Asia's Richest Man Mukesh Ambani Kickstarts Succession Planning As His Children Join Reliance Board

Asia's richest man Mukesh Ambani has taken a big step towards Reliance Industries' succession planning as he appointed his three children as non-executive directors.

On the other hand, his wife Nita Ambani will step down from the board ¡°to devote more of her time to the Reliance Foundation¡± charity where she serves as founding chairperson, the company said in a statement on Monday.

"Will Spend Next 5 Years Preparing My Children For Transformation"

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During Reliance¡¯s annual general meeting, Mukesh Ambani told shareholders that Nita will still continue to attend all board meetings as a permanent invitee. Ambani also has said he will spend the next five years of his chairmanship of India¡¯s most valuable company preparing his children to transform Reliance Industries into a digital and green energy behemoth.

¡°I shall continue to perform my duties and responsibilities as chairman and managing director for five more years, with greater vigour,¡± Ambani said. ¡°I shall groom and empower all the next-gen leaders at Reliance and prepare them for the challenges and opportunities of the future.¡±

Three years ago, Ambani had outlined the deepening role of his children, Isha, Akash and Anant in the business, handing over leadership positions to them at Reliance¡¯s key energy, retail and digital services businesses, as per Bloomberg.

Reliance Industries' shares have been down more than 0.5% today morning and nearly 4% since the past week after Jio Financial's listing disappointed its investors.

Also Read: Three Next-gen Tatas Join Chairman Tata Trust's Board

Mukesh Ambani Gets Emotional Amid Big Announcements

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¡°I shall especially mentor Akash, Isha and Anant so that they can provide collective leadership and dependably take Reliance to greater heights of growth and value in the decades ahead,¡± Ambani reportedly said amid the succession planning.

Ambani called the leadership announcements ¡°an emotional moment,¡± recalling the days when his father set up the company in a single-room office in a crowded Mumbai marketplace.

¡°It reminds of that day in 1977, when my father inducted me into the board of directors,¡± he said during the annual speech to investors, which has over time evolved into an eagerly-awaited platform for announcing new initiatives at India¡¯s largest corporate, akin to Warren Buffett¡¯s annual letters to Berkshire Hathaway shareholders. ¡°Today I see both my father and me in Isha, Akash, and Anant.¡±

Also Read: Not Mukesh Ambani, These Two Brothers Are Reliance¡¯s Highest-Paid Employees At Rs 25 Crore Each

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