After years of establishing business across various sectors, industrialist Gautam Adani on Tuesday stepped down as executive chairman of Adani Ports and Special Economic Zone Ltd (APSEZ). The conglomerate, which is a part of the Adani Group, is one of the largest port operating companies in India. On Tuesday, billionaire Gautam Adani said that he has resigned as executive chairman to a non-executive chairman with immediate effect.

As reported by news agency PTI, APSEZ in a regulatory filing said, based on the recommendation of the nomination and remuneration committee, the board has approved the redesignation of Gautam Adani from executive chairman to non-executive chairman with effect from August 5. It has also been reported that Gautam Adani will continue to cease being key managerial personnel of the company.

Soon after Gautam Adani’s stepping down from the position of executive chairman, the company appointed Manish Kejriwal as an additional director (non-executive, independent) for an initial term of three years from August 5, subject to the approval of shareholders within three months.