According to the business, incumbent CFO Alok Agarwal will be promoted to Senior Adviser to the Chairman and Managing Director of Reliance Industries on June 1, 2023.
Reliance Industries announced on Friday the appointment of Venkatachari Srikanth, 56, as its next Chief Financial Officer (CFO) effective June 1, 2023.
Alok Agarwal, RIL’s CFO, has been with the company for 30 years. In 2005, he was named CFO.
“With effect from June 1, 2023, Shri Alok Agarwal, Chief Financial Officer of the Company, will assume a new role as Senior Adviser to the Chairman and Managing Director of the Company, assisting him on a wide range of strategic matters,” RIL stated in a filing.
“Shri Alok Agarwal is a seasoned finance practitioner.” In 2005, he was appointed as the Company’s Chief Financial Officer. “The Board valued Shri Alok Agarwal’s contribution to the Company’s transformative path,” the filing continued.
On the suggestion of the Human Resources, Nomination, and Compensation Committee, the board of directors of Reliance Industries nominated Srikanth Venkatachari as CFO in a meeting held on March 24, 2023. He has been sharing a part of the responsibilities of the CFO post with Alok Agarwal since 2011. Srikanth has worked for RIL for 14 years.
“The Board of Directors of the Company 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, based on the recommendation of the Human Resources, Nomination, and Remuneration Committee,” the filing added.
During the quarter ending December 31, 2022, RIL reported a consolidated net profit of Rs 15,792 crore (Q3FY23). This is a 14.8% decrease from the previous year’s figure of 18,549 crore. Revenue from operations for the oil-retail-telecom conglomerate increased 15% to 2.20 lakh crore in the reporting quarter, up from 1.91 lakh crore in the same period the previous year. On Friday, the company’s stock closed 1.96 percent lower at 2,203.50 on the BSE.
