Rahul Bajaj will step down as Non-Executive Chairman of Bajaj Finance on July 31, 2020.
He will continue to be a non-executive non-independent director of the company.
Sanjiv Bajaj, currently the Vice Chairman of Bajaj Finance, will assume the position of Non-Executive Chairman with effect from August 1, the company said in a statement to stock exchanges.
"The Board of Directors, at its meeting held today, has approved the appointment of Shri Sanjiv Bajaj, currently the Vice Chairman of the company, as Non-Executive Chairman of the company with effect from l August 2020, in place ofShri Rahul Bajaj," Bajaj Finance said.
Sanjiv Bajaj is also the Chairman and Managing Director of Bajaj Finserv, and the Chairman of Bajaj Allianz.
On July 21, Bajaj Finance reported a consolidated net profit of Rs 962 crore for the quarter that ended on June 30, a 19 percent drop YoY.
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