Venkatachari, who is currently the Joint CFO of the company since 2011, will succeed Alok Agarwal. Agarwal has been appointed as senior advisor to the Chairman and Managing Director Mukesh Ambani.
New Delhi: Srikanth Venkatachari has been appointed as the new Chief Financial Officer (CFO) of Reliance Industries Ltd (RIL). He will take charge of the new responsibility from June 1. This information was given by the company in a stock exchange filing on Friday. The decision was taken by RIL’s board of directors in a meeting held on Friday.
Venkatachari, who is currently the Joint CFO of the company since 2011, will succeed Alok Agarwal. Agarwal has been appointed as senior advisor to the Chairman and Managing Director Mukesh Ambani, and will be assisting him on a wide range of strategic issues with effect from June 1, after 30 years of distinguished service, RIL informed in the exchange filing.
“Agarwal is an accomplished finance professional. He was appointed as the CFO of the company in 2005. The board appreciated Alok Agarwal for his contribution in the transformative journey of the company,” the stock filing said.
Who is Alok Agarwal?
- Agarwal joined Reliance in 1993 and became the CFO in 2005. He is an alumnus of IIT Kanpur and IIM Ahmedabad.
- Prior to RIL, he had worked with Bank of America for 12 years. Agarwal played a key role in Reliance’s multifold growth in the last 30 years.
- When he joined, Reliance had an annual turnover of Rs 4,100 crore with a balance sheet size of Rs 6,100 crore. Under his watch, the company grew nearly 240x in revenues.
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Who is Srikanth Venkatachari?
- Srikanth has been sharing a part of the responsibilities of the CFO position with Agarwal for the last few years. He has been with Reliance for the last 14 years.
- Previously, he worked with the Citi Group for two decades in forex trading and derivatives, later becoming the head of markets.
Reliance became the first-ever Indian company to cross $100 billion in annual turnover in FY22 and has already clocked $90 billion turnover in the first 9 months of FY23. The balance sheet size grew 260x in the same period to over Rs 16.25 lakh crore by the end of September 2022.
