Rahul Bajaj has resigned as Chairman of Bajaj Auto. He will be replaced by Niraj Bajaj, the Non-Executive Director of the company.
Rahul Bajaj will step down as the Non-Executive Director and the Chairman of the company with effect from close of business hours on April 30, 2021, the company informed in an exchange filing on April 29.
"Rahul Bajaj, the Non-Executive Chairman of the company, who has been at the helm of the company since 1972 and of the Bajaj Group of companies for the past five decades, has tendered his resignation considering his age," the company said.
Rahul Bajaj has been named Bajaj Auto Chairman Emeritus for five years with effect from May 1.
A statement released by the company read: “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.”
In a separate development, the two-wheeler and three-wheeler maker reported a 1.7 percent year-on-year (YoY) growth in its standalone profit at Rs 1,332.1 crore for the quarter ended March 2021, impacted by lower other income, but supported by healthy revenue growth.
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