Mukesh Ambani steps down as director of Reliance Jio; son Akash appointed chairman

Pankaj Mohan Pawar has been appointed as the company's managing director for five years.

Reliance Jio Infocomm, the digital arm of Reliance Industries, has appointed Akash Ambani as the new chairman of the board. The move comes after his father Mukesh Ambani resigned as director of Reliance Jio on June 27 (Monday).

The other appointments include Pankaj Mohan Pawar as the new managing director, and Raminder Singh Gujral and KV Chowdary as additional directors of the company, designated as independent directors.

The tenure for the appointments has been fixed at five years, starting June 27, subject to approval of the shareholders.

"In accordance with the circular dated June 20, 2018, issued by the stock exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of director by virtue of any Securities and Exchange Board of India order or any other such authority," read a company statement.