- Rahul Bajaj, will step down from the executive role to become a non-executive director, the company said Thursday.
The long-serving Chairman of Bajaj Auto, Rahul Bajaj, will step down from the executive role to become a non-executive director, the company said Thursday. Nonetheless, with effect from April 1, 2020, he will serve as the company’s President.
Bajaj, who has been the company’s managing director since 1 April 1970, was last reappointed by the board for a five-year term with effect from 1 April 2015, and his term as executive chair expires on 31 March 2020, the company said in a regulatory filing.
“Because of certain responsibilities and other considerations, Rahul Bajaj has decided not to continue as the company’s full-time director after his current term expires on March 31, 2020,” she said.
Bajaj Auto further announced that its board of directors approved his appointment as non-executive director in a meeting held on Thursday, with the appointment continuing as chairman of the company with effect from 1 April 2020, subject to the approval of the shareholders.
Because Bajaj has already reached the age of 75, shareholders ‘ approval will be taken by special resolution via postal ballot for his appointment as non-executive chairman as required by SEBI regulations, the company added.
Rahul Bajaj, having taken over the business of the Bajaj Group in 1965, led the company to its growth path. Under his stewardship, Bajaj Auto, the flagship company of the group, saw its turnover rise to just € 12,000 out of just € 7.2 crore, with the company’s scooters becoming the cornerstone.
Throughout India’s transformation from a closed economy to a liberalized one, he steered the diversified business and led the company to broaden its range of goods with the Bajaj brand finding foothold in global markets.
Rahul Bajaj started transferring the company’s baton to son Rajiv Bajaj in 2005, who became Bajaj Auto’s managing director and led the company to become a truly global player in the automotive industry.
Also a member of Rajya Sabha from 2006-2010 was Rahul Bajaj, an economics graduate from Delhi University and an MBA from Harvard Business School.
On the Forbes 2016 list of World’s billionaires, he was ranked #722 with a net worth of $ 2.4 billion. Bajaj is the grandson of Indian independence fighter and philanthropist, Jamnalal Bajaj.
Bajaj Auto is the third largest motorcycle manufacturer in the world and the second-largest producer in India. It is the world’s largest manufacturer of three-wheelers.
