Tuesday, May 21, 2024

Reliance names V Srikanth as new CFO, Alok Agarwal appointed as Senior Advisor-to Chairman

Reliance Industries on Friday announced that it has appointment of Venkatachari Srikanth, 56, as its new Chief Financial Officer (CFO), from 1 June, 2023.

The company said current CFO Alok Agarwal, will move to the new role as Senior Advisor to the Chairman and Managing Director of Reliance Industries from 1 June, 2023.

RIL’s CFO Alok Agarwal has completed 30 years with the company. He was appointed as CFO in 2005.

“Shri Alok Agarwal, Chief Financial Officer of the Company will assume a new role as Senior Advisor to the Chairman and Managing Director of the Company assisting him on a wide range of strategic issues with effect from June 1, 2023, after 30 years of distinguished service,” said RIL in a filing.

“Shri Alok Agarwal is an accomplished finance professional. He was appointed as the Chief Financial Officer of the Company in 2005. The Board appreciated Shri Alok Agarwal for his contribution in the transformative journey of the Company,” the filing added.

Reliance Industries’ board of directors in a meeting held on 24 March,2023, on the recommendation of the Human Resources, Nomination and Remuneration Committee appointed Srikanth Venkatachari as CFO. He has been sharing a part of the responsibilities of the CFO position with Alok Agarwal since 2011. Srikanth has been with RIL for the last 14 years.

“The Board of Directors of the Company, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, at its meeting held on March 24, 2023, 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,” the filing added.

RIL posted a consolidated net profit of 15,792 crore for the quarter ended 31 December, 2022 (Q3FY23). This is 14.8% lower from 18,549 crore reported in the year-ago period. The oil-retail-telecom conglomerate’s revenue from operations rose 15% to 2.20 lakh crore for the reporting quarter as compared to 1.91 lakh crore in the same period last year.

On Friday, the company’s scrip ended 1.96 per cent down at 2,203.50 on BSE.

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