Mukesh Ambani Resigns, Akash Ambani Is New Jio Chairman

Mukesh Ambani has stepped down from the Reliance Jio board and transferred the leadership of the company to his elder son Akash.

Mukesh Ambani resigns as director of Reliance Jio, Akash Ambani named Chairman

Mukesh Ambani's eldest son Akash Ambani will take over as chairman of Jio Infocomm's board, the digital division of Reliance industries, in what is viewed as the 65-year-old billionaire's succession planning.

Mukesh Ambani has resigned as the company director effective from 27 June.

Reliance Jio Infocomm, in a regulatory filing, said the company's board at a meeting, "approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company." 

This comes after his father resigned with effect from close of working hours on June 27, the note said.

Pankaj Mohan Pawar was among the other selections made, and his five-year term as managing director began on 27 June. KV Chowdary and Raminder Singh Gujral were named independent directors.

Mukesh Ambani will continue to serve as chairman and managing director of Reliance Industries Ltd (RIL) and as the chairman of Jio Platforms Ltd, the parent firm of all Jio digital services brands, including Reliance Jio Infocomm.

Broadly, Reliance operates under three main business segments, petrochemicals and oil refining, retail, and digital services, which includes telecom.

Oil-to-chemical, or O2C, business is a functional division of Reliance, while retail and digital services are kept in separate wholly-owned companies. The parent company also has a new energy division.