The Union Ministry of Corporate Affairs has approved the appointment of Hitesh Kumar Sethia as the CEO and MD of the company.
The appointment is valid for three years from November 15, 2023, the company said in a regulatory filing.
"The managerial personnel shall give an undertaking to the company that he shall not for long as he functions as such become interested or otherwise concerned directly or through spouse and/or minor children in any selling agency of the company in future without the prior approval of the central government. This appointment shall be conditional upon the furnishing of such an undertaking and shall cease in the event of the contravention of the same," the ministry said.
Who is Hitesh Kumar Sethia?
Hitesh Kumar Sethia, is a certified chartered accountant who completed an Advanced Management Program from Harvard Business School Executive Education. With more than 20 years of experience, Sethia's career was mostly spent at ICICI Bank. He has served in ICICI Bank Canada and ICICI Bank Germany as well as handled the UK and Hong Kong operations of the private lender. In 2022, he joined McLaren Strategic Ventures as Head of Europe.
In July 2023, the board of director of Reliance Industries appointed Sethia as MD and CEO of its Reliance Strategic Investments Limited (RSIL), which has now been renamed Jio Financial Services.
