Mukesh Ambani, the head honcho of Reliance Industries Limited, announced that he would be stepping down from the position of Jio’s director. Jio is Reliance’s digital division; his son, Akash Ambani, who was the non-executive director of Jio, will now be the new board chairman. According to the decision taken by Jio’s Board of Directors meeting held on June 27, Pankaj Mohan Pawar will be the new Managing Director of the company. His five-year term is effective from June 27. KV Chowdary and Raminder Singh Gujral were named as independent directors.

Mukesh Ambani will continue as the chairman of Jio Platforms Ltd, the parent company of all Jio digital service brands like Reliance Jio Infocomm.

Brown University alumnus Akash Ambani takes over at a time when Indian telecom firms are all set to roll out the 5G network in the coming months. In the past, the Ambani scion has led key acquisitions made by Jio and has been involved in the deployment of new technologies like AI, machine learning and blockchain. He was also involved with the creation of the digital ecosystem around Jio’s 4G proposition.