Rahul Bajaj resigns from chairmanship of Bajaj auto, Niraj Bajaj to take over from May 1
On Thursday, Pune-based automaker Bajaj Auto announced that its chairman Rahul Bajaj has resigned from his position. The outgoing chairman will be replaced by company’s non-executive director Niraj Bajaj from May 1.
Rahul Bajaj who was appointed as Chairman Emeritus of Bajaj Auto for a term of five years, has stepped down from his position considering his age. His resignation will come into effect from close of business hours on April 30, 2021. The company informed that Niraj Bajaj who is the Non-executive Director of Bajaj Auto has been appointed as its chairman with effect from May 1.
A statement by the auto major read, “Shri Rahul Bajaj has made a huge contribution to the success of the Company and the Group over the last five decades. Considering his tremendous experience and in the interest of the Company and to continue to benefit from his experience, knowledge and wisdom from time to time in an advisory role and as a mentor, the Board of Directors at its meeting held today and as recommended by Nomination and Remuneration Committee has approved the appointment of Shri Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from 1 May 2021.”
The company said that this will be taken up at the ensuing annual general meeting for the approval of the shareholders.
Rahul Bajaj took charge of the Bajaj Group in the year 1965. He led the company to its growth path and under his leadership the group’s flagship company, Bajaj Auto saw its turnover grow to Rs 12,000 crore from just Rs 7.2 crore. Rahul drove the company to expand its product portfolio with the Bajaj brand finding a foothold in global markets.