Automaker Bajaj Auto on Thursday said its chairman Rahul Bajaj has resigned, and he will be replaced by Niraj Bajaj, the non-executive director of the company from May 1.
Also, Rahul Bajaj will step down as the non-executive director and the chairman of the company with effect from April 30, 2021.
Rahul Bajaj, however, has been named Bajaj Auto Chairman Emeritus for five years with effect from May 1.
A statement released by the company said, “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.”
After taking charge of the Bajaj Group business in 1965, Rahul Bajaj led the company to its growth path. Under his stewardship, Bajaj Auto, the group’s flagship company, saw its turnover grow to Rs 12,000 crore from just Rs 7.2 crore with the firm’s scooters becoming the mainstay.
He steered the diversified entity during India’s transition from a closed economy to a liberalised one and drove the company to expand its product portfolio with the Bajaj brand finding a foothold in global markets.