Reliance Jio board on Tuesday approved the appointment of Akash Ambani as chairman of the board.
Meanwhile, Mukesh Ambani resigned as director of the company effective June 27 (Monday).
On the other hand, Jio named Raminder Singh Gujrat and K V Chowdhary as directors for a period of five years, commencing from June 27, 2022.
Jio in its regulatory filings said, "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."
Akash Amabni, who was graduated from Brown University with a major in Economics, has been closely involved with the business from its inception and was involved in the number of acquisitions by Jio and also in stake sale.
Meanwhile, the company also approved appointment of Pankaj Mohan Pawar as managing director of the firm for a period of five years, commencing from June 27, 2022.
Akash Ambani takes over at a time when the Indian telecom industry will be rolling out 5G network in a few months from now. The company is also looking at increasing the average revenue per user (ARPU), a key metric to suggest sustainability in the industry.
Reliance Jio, which has taken the leadership position in the telecom sector, had reported a net profit of Rs 4,173 crore in Q4FY22, as compared to Rs 3,615 crore in the third quarter. The standalone revenue from operations came in at Rs 20,901 crore, jumping by 20.4 percent as compared to Rs 17,358 crore in the year-ago period.
Reliance's stock on closed 1.5 per cent higher at Rs 2,529 on the BSE on Tuesday.