Chairman of Bajaj Finance, Rahul Bajaj has decided to step down from his position at the end of this month, the company said in a stock exchange filing.

“Rahul Bajaj, non-executive chairman of the company, having been at the helm since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office with effect from close of business hours on July 31, 2020”, the statement read.

He would, however, continue to serve the company as a Non-Executive Non-Independent Director.

The Board of Directors, at its meeting, has approved the appointment of Sanjiv Bajaj, currently the Vice Chairman of the Company, as Non-Executive Chairman of the Company with effect from 1st August 2020, in place of Rahul Bajaj. 

Rahul Bajaj is an Indian billionaire businessman and philanthropist and also the Chairman of the Indian conglomerate Bajaj Group and a member of parliament. He took over the Bajaj Group in 1965 and running it successfully from the last five decades.