Chief Financial Officer (CFO) effective June 1, 2023. Reliance Industries said in a regulatory filing on Friday that current CFO Alok Agarwal will take on the new job of Senior Adviser to the Chairman and Managing Director of the Company, where he will advise him (Ambani) on a wide range of strategic matters.

"The Board of Directors of the company, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, 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," according to a company notification.

CFO Alok Agarwal, who has been with the company for 30 years, was appointed CFO in 2005.

"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.  The notification further continued that 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 journey.

Mukesh Ambani, 65, was named the ninth richest person in the 2023 M3M Hurun World wealthy list earlier this week, surpassing Gautam Adani, 61, despite the fact that shares of its flagship Reliance Industries have fallen drastically in the last year.

So far in 2023, Reliance Industries shares have declined 11.66 percent. Throughout the past year, the stock has dropped by double digits. Mukesh Ambani finished 20 years as CEO of Reliance Industries this year, during which time the company saw a 17-fold increase in revenue and a 20-fold increase in profit.