Mukesh Ambani Quits as Reliance Jio Director; Akash Ambani Appointed Chairman

The board of Reliance Jio, the telecommunications arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), has appointed Akash Ambani as its chairman, according to a regulatory filing published on June 28. Akash Ambani, the son of RIL head Mukesh Ambani, joined Jio in 2014. His promotion as chairman of the board was announced alongside the news that Mukesh Ambani would step down as director of Jio.

"The board of directors have at their meeting held on June 27, 2022, noted the resignation of Mr Mukesh D Ambani as director of the company effective from close of working hours on June 27, 2022," Jio informed the stock exchanges. The board has also "approved the appointment of Akash M Ambani, non-executive director as chairman of the board of directors of the company", it further added.

The company further noted that the board has approved the appointment of Raminder Singh Gujral and KV Chowdary, as additional directors of the firm, appointed as independent directors, for a period of five years from June 27, 2022. The appointment of Pankaj Mohan Pawar as managing director of Jio has also been approved, it added. The decision, however, would require shareholder authorization.