Bajaj Finance’s vice chairman and managing director Rajeev Jain on July 24 said the company will submit detailed succession planning process in six months to the board and nomination and remuneration committee (NRC).
“The NRC and the board have extensively discussed this matter and provided necessary guidance. I have to go back to the board in the next 6 - 8 months time with a detailed succession planning,” Jain said during the post earning analyst call.
The discussion of the succession planning have restarted at Bajaj Finance after an untimely exit of its former MD Anup Kumar Saha, who resigned citing personal reasons on July 21. Saha is seen as the potential candidate for IndusInd Bank's top position of MD and CEO, though the management of Bajaj Finance gave no indication of Saha's future professional journey in the investor call.
“To ensure continuity and to ensure stability of the firm, I've had to come back as in an operating role. I don't want any ambiguity on this. It is till March 31, 2028. Closer to that we will take a view on what is the succession planning,” Jain said.
When asked what were learnings from the recent top management exit with respect to succession, Jain replied that "we will keep (matters) related to succession internal". To be sure, it was around early-2024 that the market had some indication that Saha was being groomed to take over from Jain and that the latter may opt for a larger role at the holding company Bajaj FInserv. The transition was finally rolled out in March this year and was short-lived, for just about four months.
In March, Jain was appointed by Bajaj Finserv as additional director in a non-executive position and also as the vice chairman of Bajaj Finance effective April 1 2025.
Post Saha's exit, Jain re-entered Bajaj Finance in an active operational role and was assigned the additional responsibility and re-designated as vice chairman and MD of the company till March 31, 2028.
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