Rahul Bajaj | Helming Bajaj Auto for 49 years: A glimpse of his career

Rahul Bajaj, chairman of Bajaj Auto Ltd., speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 5, 2014. REUTERS/Anindito Mukherjee

Rahul Bajaj has stepped down as Chairman of Bajaj Auto, ending a 49-year stint as the head of the two-wheeler manufacturer.

Niraj Bajaj, a director on the company's board, will take over as chairman of Bajaj Auto from May 1. Rahul Bajaj will be the company's Chairman Emeritus for five years starting from May 1.

The Bajaj group of companies was founded by Rahul Bajaj's grandfather Jamnalal Bajaj in 1926.

Rahul Bajaj's sons Rajiv and Sanjiv are the Managing Directors of Bajaj Auto and Bajaj Finserv, respectively.

Also read: Who is Niraj Bajaj? Five things to know about Bajaj Auto's new chairman

Here's a brief timeline of Rahul Bajaj's life:

> Bajaj was born on June 10, 1938 in Calcutta.

> 1958: Graduated from St Stephen's College, Delhi University with an Honours Degree in Economics.

> Bajaj also has a degree in Law from Bombay University and an MBA from Harvard Business School.

> 1968: Took over as Chief Executive Officer of Bajaj Auto

> 1972: Appointed as Managing Director of Bajaj Auto

> 1979-80: Served as President of the Confederation of Indian Industry (CII).

> Bajaj has been the president of the Society of Indian Automobile Manufacturers (SIAM)

> 1986: Appointed the chairman of the erstwhile Indian Airlines

> 1999-2000: Served as the CII President for a second time

> 2001: Awarded Padma Bhushan, India's third-highest civilian award

> 2006 - 2010: Served as a Member of Parliament in the Rajya Sabha

> 2008: Split Bajaj Auto into three units - Bajaj Auto, finance company Bajaj Finserv and a holding company.