Adani To Retire At 70, Sons And Cousins Taking Over By Early 2030s

62-year-old Adani Group chairman, Gautam Adani, recently appeared for a Bloomberg News interview, where he announced his retirement in the early 2030s, ceding equal stake control to his sons, Karan and Jeet, and two cousins, Pranav and Sagar.

Although the announcement isn’t expected soon, the business tycoon plans to make it official on his 70th birthday.

The multi-billionaire's sons hold key positions in different Adani Group companies. His elder son Karan Adani is the managing director of Adani Ports. In contrast, according to the Adani Group website, his younger son Jeet Adani is the director of Adani Airports. Pranav is the director of Adani Enterprises, and Sagar is the executive director of Adani Green Energy, as shown on the Group's website.

According to a Bloomberg report, Pranav and Karan are potential candidates to take over as chairman in the future. 

His children have emphasised the importance of a smooth and gradual transition when their father steps back from the business.

"Succession is very, very important for the business sustainability. I left the choice to the second generation as the transition must be organic, gradual and very systematic," Gautam said. 

Social Media Reaction:

Internet users are embracing the billionaire's decision to retire and hand over control to the younger generation. However, some are alleging nepotism.

One user wrote, "Country can't wait, Gautam Adani or for that matter another one should retire tomorrow itself, for one and half years I had to work 24*7 to create a vision in market? If they can't decide without cloud thinking and prejudices, should leave at once! #stockmarketcrash #StockMarket"

Another user commented, "He wants to retire at 70 years. Usually Indian corporate leaders never retire even after becoming "chairman emeritus". So this is quite refreshing."

A third user replied, "Modi should take a leaf out of the book of his best friend Gautam's book,who has announced that he will retire at 70 and transfer control to his heirs. Modi is around 75 and should retire gracefully.But then he is trapped in luxurious life, will he able to give up all those?"