Rahul Bajaj resigns as Bajaj Auto chairman
Rahul Bajaj has resigned from his post as chairman and executive director of Bajaj Auto, the company stated in an exchange filing on April 29. He will be replaced by Niraj Bajaj, the non-executive director of the company, effective May 1, 2021. However, Bajaj has named Bajaj Auto chairman emeritus for five years after this.
The company said of this development, " 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 the 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 May 1, 2021."
Bajaj has been at the helm of the homegrown two-wheeler maker since 1965. The company has vastly expanded its product portfolio under his tenure and seen its turnover grow from Rs 7.2 crore to Rs 1,200 crore.