Gautam Adani steps down as executive head of Adani Ports, remains non-executive chairman
Mumbai: Gautam Adani has stepped down as a key managerial personnel from Adani Ports and Special Economic Zone (APSEZ), the most valuable firm in his infrastructure empire, transitioning to the role of non-executive chairman.
APSEZ made the announcement in a regulatory filing.
The decision was made based on the recommendation of nomination and remuneration committee.
The company's board has approved the redesignation of Gautam Adani from executive chairman to non-executive chairman with effect from August 5, and consequently, he would cease to be a key managerial personnel of the company.
ASPEZ appointed Manish Kejriwal as additional director (non-executive, independent) of the company for an initial term of three years from August 5, subject to the approval of shareholders within three months.
The move comes in line with Section 203(3) of the Companies Act, which bars an individual from holding executive positions in more than one company at the same time.
Adani (63) now holds non-executive chairman roles in seven group companies — including Ambuja Cements, Adani Green Energy, Adani Green Solutions, Adani Power, Adani Total Gas, and Adani Infra (India) — while continuing as the only executive chairman at Adani Enterprises, the group's incubator for new businesses like airports, data centres and copper production, according to a Times of India report.
"Given that APSEZ already has two executive directors - a Managing Director and a Whole-Time Director & CEO - this re-designation will also enable Mr Adani to devote greater attention to the strategic direction and growth of other entities within the Adani Group. Mr Adani continues to serve as the Chairman of APSEZ," the company said.
His elder son Karan Adani (38), who has been overseeing operations at APSEZ, will continue as managing director.
Karan joined the board in 1998 and formally took charge in 2023 when Gautam was re-designated from chairman and MD to executive chairman.
While holding dual executive roles was possible with prior board approvals, legal experts say the spirit of the law requires full-time engagement with a single company in an executive role.
By relinquishing his KMP or whole-time director position, Gautam Adani’s accountability to the board reduces, allowing him to focus more on emerging verticals.
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