Venkatachari Srikanth, 56, was appointed as the new Chief Financial Officer (CFO) of Reliance Industries Limited on March 24. Alok Agarwal, RIL’s longtime CFO, who recently turned 65 and completed 30 years with the company, will transition to the position of Senior Adviser to the Chairman and Managing Director, helping him with a variety of strategic matters.
According to the RIL exchange release, “The Board commended Shri Alok Agarwal for his participation in the transformative path of the Company.” Finance expert Shri Alok Agarwal has a wealth of experience. In 2005, he was chosen to serve as the company’s chief financial officer. The Board recognized Shri Alok Agarwal for his role in the Company’s transformation, according to the filing.
According to a stock exchange notice from RIL, both new positions will start on June 1, 2023. During the past few years, V Srikanth and Alok Agarwal have shared some of the duties of the CFO post. V Srikanth has been a joint CFO since 2011. He has spent the last 14 years working for RIL. Prior to this, he spent twenty years trading FX and derivatives for the Citi Group, rising to the position of Head of Markets.
The Human Resources, Nomination and Compensation Committee recommended Srikanth Venkatachari for the position of chief financial officer, and the board of directors of Reliance Industries approved the appointment during its meeting on March 24, 2023. He and Alok Agarwal have been splitting some of the duties of the CFO post since 2011. During the past 14 years, Srikanth has worked at RIL.
In FY22, Reliance became the first firm in India to reach a $100 billion annual turnover, and in the first nine months of FY23, it has already reached $90 billion. By the end of September 2022, the size of the balance sheet had increased 260 times in that time to more than Rs 16.25 lakh crore.