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.