Reliance Industries appoints Venkatachari Srikanth as new CFO, Alok Agarwal named Senior Advisor to Mukesh Ambani

Mukesh Ambani-controlled Reliance Industries Limited has appointed Venkatachari Srikanth as its new Chief Financial Officer (CFO) from 1 June, 2023. In a regulatory filing on Friday, Reliance Industry said the current CFO Alok Agarwal will be assuming the new role of Senior Advisor to the Chairman and Managing Director of the Company, where he will assist him (Ambani) on a wide range of strategic issues.

"The Board of Directors of the company, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, at its meeting held on March 24, 2023, has designated Shri Srikanth Venkatachari (Joint Chief Financial Officer of the Company since 2011) as the Chief Financial Officer of the Company with effect from June 1, 2023," the company notification said.
CFO Alok Agarwal, who has completed 30 years with the company, assumed the role of CFO in 2005.
“Shri Alok Agarwal, Chief Financial Officer of the Company, will assume a new role as Senior Advisor to the Chairman and Managing Director of the Company assisting him on a wide range of strategic issues with effect from June 1, 2023, after 30 years of distinguished service," said RIL in the filing.
“Shri Alok Agarwal is an accomplished finance professional. He was appointed as the Chief Financial Officer of the Company in 2005. The Board appreciated Shri Alok Agarwal for his contribution in the transformative journey of the Company," the notification added.
Earlier this week, Mukesh Ambani, 65, was named as the ninth richest person in 2023 M3M Hurun Global rich list, beating Gautam Adani, 61, even though shares of its flagship Reliance Industries fell sharply in the last one year.

Also read: Mukesh Ambani is only Indian among world's top 10 billionaires, shows Hurun Global Rich List

Shares of Reliance Industries declined 11.66 per cent in 2023 so far. The scrip has fallen in double digits for the one-year period.
Mukesh Ambani completed 20 years at the helm of Reliance Industries this past year, during which the conglomerate saw a 17-fold jump in revenues and a 20-times surge in profit.

Also read: Mukesh Ambani pips Gautam Adani in rich list even as Reliance Industries shares remain a drag

Also read: Mukesh Ambani’s execution, skills, and compassion is inspiring: RPSG Group Chairman Sanjiv Goenka