Rahul Bajaj Resigns as Chairman of Bajaj Auto, Will Become Chairman Emeritus
Moneylife Digital Team
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Industrialist Rahul Bajaj has resigned as non-executive director and chairman of Bajaj Auto Ltd due to age. The company board has appointed him as chairman emeritus for next five years. Niraj Bajaj has replaced Rahul Bajaj as chairman of the company.
In a regulatory filing, Bajaj Auto says, Rahul Bajaj, non-executive chairman of the company, considering his age, has tendered his resignation as non-executive director and chairman of the company with effect from close of business hours on 30 April 2021. In place of Rahul Bajaj, the outgoing chairman of the company, Niraj Bajaj, non-executive director of the company has been appointed as chairman of the company with effect from 1 May 2021.
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Rahul Bajaj announced that he will step down from the non-executive chairman position of Bajaj Auto. The decision is already in effect after his announcement yesterday. Rahul Bajaj had already stepped down from the executive chairman position last year to hold the non-executive position.
Bajaj is one of the longest-serving chairmen in any of the corporates in India. In fact, Rahul Bajaj is the second-longest serving chairman in India after KM Mammen Mappillai, who is the founder of MRF. He held the post for 51 years.
”Shri 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 a non-executive director and Chairman of the Company with effect from close of business hours on 30 April 2021,” said Bajaj Auto in its statement today.
By siliconindia | Friday, 30 April 2021, 07:18 Hrs Bajaj Auto announces that Rahul Bajaj decides to resigns as the non-executive director and chairman of the firm. He has been named as Chairman Emeritus of Bajaj Auto for a tenure of five years with effect from May 1. In an exchange filing, the company states that Niraj Bajaj, Non-executive Director of Bajaj Auto has been appointed as its chairman with effect from May 1. The company states that Rahul Bajaj, who has been at the helm of the company since 1972 and of the Bajaj Group for five decades, has tendered his resignation considering his age. His resignation would come into effect from close of business hours on April 30, 2021.
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