Mukesh Ambani resigns from Reliance Jio, son Akash made chairman

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio, handing the reins of the company over to eldest son Akash, a move the 65-year-old billionaire saw as succession planning.

In a stock exchange filing, Reliance Geo Infocom said that the company’s board of directors, at a meeting on June 27, “approved the appointment of Akash M Ambani, the non-executive director, as the company’s chairman.” This comes after his father resigned as of the closing hours on June 27.

Among other appointments, Pankaj Mohan Pawar has been appointed Managing Director of the company for a five-year term beginning on June 27.

It added that Raminder Singh Gujral and KV Chaudhary have been appointed as independent directors.

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