Ace investment banker Nimesh Kampani on Tuesday announced retirement from the executive roles at J M Financial group, and the company's board has appointed his son Vishal to succeed him as managing director.
"I believe it is important for all businesses to implement a proper succession plan and I am committed to follow the same," Kampani said in a statement.
The dealmaker, who was key to a slew of marquee deals and also brokered the division of Reliance Industries between the Ambani brothers, will retire from executive roles from September 30, on turning 70. He will continue as non-executive chairman of the company which began operations in 1973.
His 39-year-old son Vishal, who in 2008 diversified the dealmaking business into other streams like lending, was appointed by the board to take over as managing director from October 1.
Vishal has been associated with the business for nearly two decades and the non-investment banking part of the business driven by him delivers nearly 70 per cent of the revenues.
At present, Vishal is the managing director of the group's non-bank lending arm JM Financial Products and heads the institutional securities business.
The group is also present in wealth management, equity brokerage and asset reconstruction, among others.
Earlier this year, the group had announced a tie-up with ex-Citigroup chief executive Vikram Pandit to start real estate lending.
The JM Financial group today reported a 19 per cent rise in June quarter net to Rs 86.09 crore on the back of 24 per cent increase in revenue to Rs 475.43 crore.