Reliance Industries has announced the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer (CEO) for its subsidiary, Reliance Strategic Investments Limited (RSIL). The appointment was approved by the company's board of directors during their meeting on July 7, 2023.
In an official statement, the company mentioned, "The board of directors, at its meeting held on July 7, 2023, approved the appointment of Shri Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of RSIL for a period of 3 years." However, the appointment is subject to the approval of the company's members, the Reserve Bank of India, and any other necessary regulatory approvals.
Hitesh Kumar Sethia brings with him an impressive track record and more than two decades of experience in the financial services sector. He has held executive positions in renowned companies across Europe, Asia, and North America. Sethia is an alumnus of the Harvard Business School Executive Education, where he completed the Advanced Management Program. He is also a certified chartered accountant.
Most of Sethia's career has been dedicated to ICICI Bank, a prominent financial institution. During his tenure at ICICI, he gained extensive functional expertise and held leadership roles in various departments. He worked in areas such as credit, retail banking, transaction banking, and corporate banking, which provided him with a comprehensive understanding of the financial services industry and the application of technology within it.
Having worked across multiple countries, Sethia has amassed valuable experience in strategy formulation, market development, compliance, risk management, and team building. Notably, he played a pivotal role in establishing and scaling operations for ICICI Bank in Canada and Germany. Sethia also served in senior and country head positions for ICICI Bank in the UK and Hong Kong, with his last position being the Head of Transaction Banking in Mumbai.
In 2022, Sethia joined McLaren Strategic Ventures, a renowned company, as its Head of Europe. In this role, he spearheaded growth initiatives for McLaren Strategic Solutions and McLaren Strategic Capital, while also overseeing the banking practice across strategic markets such as India, the US, and the Middle East.
Currently residing in Frankfurt, Germany, Hitesh Kumar Sethia is expected to relocate to India to assume his new role at Reliance.
