Mukesh Ambani resigns from the Jio Board, son Akash Ambani is now chairman

Mukesh Ambani has resigned from the board of directors of his group’s telecom arm, Reliance Jio, and handed over the reins to his elder son Akash, a move seen as succession planning by the 65-year-old billionaire.

The board also approved the appointment of Akash Ambani as chairman of the company’s board of directors. The decision, however, would necessitate shareholder approval. Jio reported a net profit of Rs 4,173 crore in Q4 FY22, up 20.4 percent from Rs 17,358 crore the previous year.

This comes after his father resigned with effect from the end of working hours on June 27, according to the statement.

Pankaj Mohan Pawar was named Managing Director of the company for a five-year term beginning June 27.