Akash Ambani Is New Jio Chairman:

As part of the corporate governance of Reliance Jio, Mukesh Ambani has stepped down from the board of directors and handed the company’s leadership to his elder son Akash.

In what is viewed as the 65-year-old billionaire’s succession plan, Mukesh Ambani’s eldest son Akash Ambani has been appointed chairman of Jio Infocomm’s board.

A change in position as company director has begun with Mukesh Ambani’s resignation effective 27 June.

Earlier this week, Reliance Jio Infocomm announced that the company’s board approved the appointment of Akash M Ambani, a non-executive director, as chairman of the company board. His father resigned on 27 June, according to the disclosure.

The company’s managing director, Pankaj Mohan Pawar, was selected as well. He began his five-year term on 27 June and will continue for five years. As independent directors, KV Chowdary and Raminder Singh Gujral have been appointed.

It is likely that Mukesh Ambani will continue to serve as chairman and managing director of Reliance Industries Ltd (RIL) as well as chairman of Jio Platforms Ltd, which owns all Jio brands, including Reliance Jio Infocomm.

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

O2C, or Oil-to-chemical, 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.