Meet the New Chairman of Reliance Jio, Akash Ambani

Mukesh Ambani hands over the torch to his elder son

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Reliance Jio, the digital division of Reliance Industries, announced on Tuesday that Mukesh Ambani has stepped down as the director. Akash Ambani has been appointed as the non-executive director and new chairman of the board.

Reliance Jio's Twitter account

"The Board of Directors have at their meeting held on June 27, 2022, noted the resignation of Mukesh D. Ambani as director of the company effective from close of working hours on June 27, 2022; and approved the appointment of Akash Ambani, non-executive director as chairman of the board of directors of the company," said the Indian conglomerate in a BSE filing on Tuesday.

The resignation of Mukesh Ambani was effective from close of working hours on 27 June. Pankaj Mohan Pawar has been appointed as the managing director of the company according to the decision approved in a meeting of the board of directors of Jio held on June 27. The appointment commenced his term for five years as managing director. The board also approved the appointment of Raminder Singh Gujral and KV Chowdhary as independent directors for a period of five years.