Mukesh Ambani Resigns As Director Of Reliance Jio

Mukesh Ambani resigns as director of Reliance Jio, son Akash becomes chairman.

Industrialist Mukesh Ambani has resigned from the board of Reliance Jio and handed over the reins of the company to his elder son Akash.

It is being seen as the 65-year-old billionaire preparing a future heir.

Reliance Jio Infocomm Ltd, the digital arm of Reliance Industries, on Tuesday announced that Mukesh Ambani will resign as the company’s director on June 27.

In an application to the stock exchange, Reliance Jio Infocomm has said that the board of the company in a meeting held on June 27 approved the appointment of non-executive director Akash Ambani as the chairman of the board of directors.

Among other appointments, Pankaj Mohan Pawar has been appointed as the Managing Director of the company for a period of five years with effect from June 27.

Simultaneously, Raminder Singh Gujral and KV Choudhary have been appointed as independent directors.

RRVL: Another important decision of Mukesh Ambani, daughter Isha may get the responsibility of Reliance Retail

A day after making son Akash Ambani the chairperson of Reliance Jio, Mukesh Ambani, the owner of Reliance Industries, has taken another important decision.

According to a Bloomberg report, Mukesh Ambani’s daughter Isha Ambani is almost certain to be made the chairperson of the retail unit of Reliance Industries. Its formal announcement can happen anytime.

What does Reliance Retail do?

Reliance Retail Ventures Limited (RRVL) is the holding company of Reliance Retail Limited, which operates supermarkets.

It deals in consumer electronics, food, and grocery, fashion, jewelry, footwear, and clothing. Brands under Reliance Retail include Reliance Fresh, Reliance Smart, Reliance Smart Point, and JioMar.

Reliance Digital, Jio Store, Reliance Trends, Reliance Consumer Brands, 7-Eleven, Project Eve, Trends Footwear, Reliance Jewels, AJIO and Hamleys, etc.

Mukesh Ambani resigns as director: Looking for a successor.

The appointment of Isha Ambani as the chairman of the retail arm of the Reliance Group is another sign that Mukesh Ambani is going ahead with a well-planned succession plan.

Both the Ambani siblings have been on the board of JioMart, the digital arm of RRVL and Reliance Retail, since October 2014.

30-year-old Isha has studied at the Yale University of America in America. Apart from these two, Mukesh Ambani has another son, Anant, who is 27 years old.

Reliance Retail and Reliance Jio are subsidiaries of the Reliance Group. Mukesh Ambani is the Chairman and Managing Director of Reliance Industries.

The cycle of change continues.

Some more changes can be seen in Reliance. In the board of directors meeting held on June 27, the decision to make Akash Ambani the chairperson of Reliance Jio was approved.

Prior to this, Akash Ambani was working as a non-executive director on the board.

In another major change, Reliance Jio Infocomm Limited has appointed Pankaj Pawar as the Managing Director of the company for the next 5 years.

Additional directors Raminder Singh Gujral and K.V. Chaudhary will now look after the work as independent directors.