Rahul Bajaj, non-executive director and Chairman of Bajaj Auto, among India’s largest two-wheeler manufacturing companies, has resigned from his role. Niraj Bajaj, who is currently a non-executive director of the company, will take over the reins, effective May 1, 2021, according to a company filing.
Rahul Bajaj however, will be the Chairman Emeritus of the company for a term of five years, effective May 1, 2021.
“Rahul Bajaj, non-executive chairman of the company, having been at the helm of the company since 1972 and the Group for five decades, considering his age, has tendered his resignation as non-executive director and chairman of the company with effect from close of business hours on April 30, 2021,” said a company statement.
The statement further said, “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 Rahul Bajaj as Chairman Emeritus of the company for a term of five years with effect from May 1, 2021.”
In 2020, Rahul Bajaj stepped down as executive chairman and whole-time director at Bajaj Auto, ending a 50-year stint in an executive role at India’s second largest two-wheeler company. He had taken over the position of Chairman back in 1972, and was instrumental in splitting Bajaj Auto into different units – Bajaj Auto and Bajaj Finserv, establishments which are run by his sons Rajiv Bajaj and Sanjiv Bajaj respectively.
Also among the richest Indians, according to Forbes, Rahul Bajaj’s net worth as of April 2021, was $6.3 Bn. An alumnus of Harvard Business School, Bajaj is also the recipient of one of India’s top civilian honours, Padma Bhushan.
How Niraj Bajaj takes the legacy forward is to look forward to.
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