Mr. Mukesh Ambani, the Chairman and Chief Executive Officer of Reliance Industries Limited, owner of its subsidiary Jio Platforms Limited (JPL), stepped down as Director of Reliance Jio on June 27. Mr. Akash Ambani, a non-executive director, took over as chairman of Jio on the same day. Reliance Jio has reached various heights and set records under the leadership of Mukesh Ambani, and now the legacy of the telco is to be inherited by his eldest son, Akash Ambani.
Akash has been a long-time non-executive director of the company and may understand the business very well.
Jio Platforms Limited Announces Appointment of New Chairman and Additional Directors
On June 28, JPL announced that Mr. Raminder Singh Gujral and Mr. KV Chowdary have been appointed as the additional directors of the company (Jio). Both will act as independent directors from June 27, 2022 for a term of five years. The move is subject to shareholder approval.
Mr. Pankaj Mohan Pawar has been appointed as the general manager of the company for a term of five years, commencing on 27 June 2022.
Mr. Mukesh Ambani resigned as CEO of the company on June 27, 2022 and Akash Ambani has been approved to take over as chairman of the company’s board of directors.
Jio is currently the largest telco in India and makes the highest profit of all telcos. The company has improved its performance in recent quarters on several key metrics such as ARPU (average revenue per user) and VLR subscriber percentage (active users).
It is worth noting that Mr. Mukesh Ambani is still the Chairman and CEO of Reliance Industries Limited (RIL), Jio’s parent company.
