Adani Ports and Special Economic Zone Ltd (APSEZ), a part of the Adani Group, announced on Tuesday that Gautam Adani has been redesignated from Executive Chairman to Non-Executive Chairman, effective immediately.

In a regulatory filing, the company stated that the decision was made based on the recommendation of the Nomination and Remuneration Committee and approved by the Board. With this change, Adani will no longer be classified as a Key Managerial Personnel (KMP) of the company, effective August 5.

Additionally, the board has appointed Manish Kejriwal as an Additional Director (Non-Executive, Independent) for an initial term of three years starting August 5. The appointment is subject to shareholder approval within the next three months.