Venkatachari Srikanth, 56, was named the new Chief Financial Officer (CFO) of Reliance Industries on Friday, effective as of the first day of June 2023.
Alok Agarwal, the current CFO, will begin serving as Senior Adviser to the Chairman and Managing Director of Reliance Industries on June 1, 2023, the firm announced.
Alok Agarwal, the CFO of RIL, has worked for the organisation for 30 years. In 2005, he was appointed CFO.
After 30 years of excellent service, “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 advising him on a wide range of strategic matters,” according to RIL in a filing.
“Shri Alok Agarwal is a skilled financial expert. In 2005, the company named him as its chief financial officer. According to the statement, “The Board commended Shri Alok Agarwal for his contribution to the Company’s transformational journey.
On the suggestion of the Human Resources, Nomination and Compensation Committee, the board of directors of Reliance Industries selected Srikanth Venkatachari as CFO at a meeting held on March 24, 2023. Since 2011, he and Alok Agarwal have shared some of the duties of the CFO role. Srikanth has spent the last 14 years working for RIL.
According to the filing, “Shri Srikanth Venkatachari, Joint Chief Financial Officer of the Company since 2011, has been appointed as the Chief Financial Officer of the Company with effect from June 1, 2023,” based on the proposal of the Human Resources, Nomination and Remuneration Committee.
During the quarter that concluded on December 31, 2022, RIL reported a consolidated net profit of 15,792 crore (Q3FY23). This is a 14.8% decrease from the $18.549 billion reported in the same time last year. The oil-retail-telecom conglomerate’s operating revenue increased by 15% to 2.20 lakh crore for the reporting quarter from 1.91 lakh crore during the corresponding period in 2017.
The company’s stock ended the day Friday 1.96 percent lower at 2,203.50 on the BSE.