World

Mukesh Ambani's INR 240,000 crore company hires new CEO

Reliance founder finally finds a Harvard alumnus to run the show

By Web Desk
May 01, 2024
Mukesh Ambanis company appoints Hitesh Sethia as new CEO. — Rediff/File
Mukesh Ambani's company appoints Hitesh Sethia as new CEO. — Rediff/File

Mukesh Ambani’s Jio Financial Services has appointed a new CEO and MD by the name of Hitesh Kumar Sethia after approval from the Union Ministry of Corporate Affairs.

Mukesh Ambani’s company has a market cap of INR 240,000 crore as of April 30 after being listed in August 2023, according to DNA.

From November 15, 2023, Sethia’s appointment was effective. It is valid for three years, as per a regulatory filing by JFS.

The board of directors of Reliance Industries appointed Sethia as MD and CEO of its Reliance Strategic Investments Limited (RSIL) in July last year. It has now been renamed as Jio Financial Services.

Hitesh Kumar gestures for a photograph. — Business Standard/File
Hitesh Kumar gestures for a photograph. — Business Standard/File

With over 20 years of experience, he is a certified chartered accountant (CA) and financial services executive.

Sethia is a Harvard alumnus and his career was mostly spent at ICICI Bank. He completed an Advanced Management Program from Harvard Business School Executive Education. Moreover, he has worked across Europe, Asia (India and Greater China) and North America.