Mukesh Ambani Resigns From Reliance Jio, Son Akash Is New Chairman

Reliance Jio Infocomm. Ltd. has named Akash Ambani as its chairman, signalling that billionaire Mukesh Ambani is speeding up leadership transition at the oil-to-telecom conglomerate.

Reliance Jio's board has approved the appointment of Akash Ambani, 30, as the chairman, the company said in an exchange filing. Akash, a Brown University alumnus and the elder son of Mukesh Ambani, served as a non-executive director of the company prior to the appointment.

Mukesh Ambani resigned as director of Reliance Jio effective from close of working hours on Monday.

Earlier this year, Mukesh Ambani had said that the group is in the "process of effecting a momentous leadership transition from seniors belonging to my generation to the next generation of young leaders", indicating that he would like the "process to be accelerated".

Reliance Jio's board also approved the appointment of Raminder Singh Gujral and KV Chowdary as additional directors designed as independent directors for five years starting June 27. Pankaj Mohan Pawar has been appointed managing director for five years.

The appointments are subject to shareholders' approval.

Mukesh Ambani's twin children Akash and Isha Ambani were first appointed as directors to the board of Jio Infocomm in 2014, according to the information available with the Ministry of Corporate Affairs.