Putting a strong succession plan to work, Reliance Industries head Mukesh Ambani announced at the company's 46th annual general meeting (AGM) on August 28, 2023, that he would continue as the chairman and managing director for the next five years.

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"I shall continue to perform my duties and responsibilities as Chairman and Managing Director for five more years, with greater vigour. Towards this end, I have assigned myself three responsibilities," he said.

His first responsibility, he said would be to groom and empower all the Next-Gen leaders at Reliance and prepare them for the challenges and opportunities of the future.

As his second responsibility, Ambani said he would especially mentor Akash, Isha and Anant so that they can provide collective leadership and dependably take Reliance to greater heights of growth and value in the decades ahead.

Explaining his third responsibility, Ambani said: "Together with the board and all my long-time colleagues, I shall further enrich Reliance’s unique Institutional Culture, which has sustained your Company’s perpetual and exponential growth. I assure you that the combination of the experience of senior leaders and the ambition of new leaders will script newer and more exciting chapters in Reliance’s ever-growing book of achievements."

Here’s what Mukesh Ambani said about each of Reliance’s businesses at the 46th AGM

The board of directors of Reliance Industries Limited (RIL) has already recommended the induction of Isha Ambani, Akash Ambani and Anant Ambani into the board as Non-Executive Directors. As per the details put out, this decision was taken after the recommendation of the Human Resources, Nomination and Remuneration Committee and the appointments will take effect from the date the three assume office after shareholders' approval.

“Isha Ambani, Akash Ambani and Anant Ambani have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. They also serve on the boards of the key subsidiaries of RIL,” a press release said.

Ambani added that Isha, Akash and Anant earned their stripes through dedication, commitment, and hard work. Remembering his father Dhirubhai Ambani, he said: "This is truly an emotional moment for me because it reminds me of that day in 1977 when my father inducted me into the board of directors of Reliance. I was only 20 then. Today I see both my father and me in Isha, Akash, and Anant. I see the flame of Dhirubhai shine in all of them."

Now for RIL, Akash Ambani has been appointed as the Chairman of the Board of Directors of Reliance Jio in June 2022, company named Isha Ambani as new leader of Reliance Retail in August 2022 and Anant Ambani was named as the head of the conglomerate's energy business in Aug 2022

As the Next-Gen takes on a larger role, it was announced that Nita Ambani, Founder-Chairperson of Reliance Foundation, would step down from the board of directors while retaining her position as Chairperson of the Reliance Foundation.

Also read: Reliance AGM 2023 LIVE Updates | Mukesh Ambani to remain Chairman & MD of Reliance Industries for next five years

First Published:Aug 28, 2023 4:38 PM IST