- Noted industrialist Rahul Bajaj will step down as Non-Executive Chairman of Bajaj Finance on July 31, after spending more than three decades at the company’s helm.
Noted industrialist Rahul Bajaj will step down as Non-Executive Chairman of Bajaj Finance on July 31, after spending more than three decades at the company’s helm.
Sanjiv Bajaj, currently vice president, the Bajaj Finance said Tuesday in a regulatory filing, will succeed him.
“Rahul Bajaj, the company’s Non-Executive Chairman, who has been at the helm of the firm since its creation in 1987 and the group for more than five decades as part of succession planning, agreed to demolish the office as Chairman of the Board with effect from the close of business hours on 31 July 2020,” the firm said.
Rahul Bajaj, however, will continue to serve the company as a non-executive non-independent director.
The company’s board “has approved the appointment of Sanjiv Bajaj as Non-Executive Chairman of the company with effect from August 1, 2020, in place of Rahul Bajaj, the filing said.
Following this growth, the stock fell to Rs 3,220 more, down 6.43 percent on BSE. The firm’s shares were already trading earlier today in the red post its June quarter results.
Rahul Bajaj will be replaced by his son Sanjiv Bajaj, who is the company’s current vice president as of August 1. As of 2013, he also chairs the board of Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company. He is also the executive director of Bajaj Holdings & Investment at the same time.
Rahul attended Harvard Business School and also owns stakes in an investment company and an insurance firm. His grandfather, Jamnalal Bajaj, an Indian independence fighter and Mahatma Gandhi confidant, founded the group in 1926.
He stepped down from his role as chairman in 2005 and his son Rajiv became the Group’s managing director. 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.
Due to the Covid-19 pandemic and the consequent shutdown that remained in place for most of the period, the company said its business operations in Q1 FY21 were significantly impacted. It has resulted in significantly lower acquisitions of business and restrictions on customer overdue recovery.