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Bajaj Auto Limited has announced Rahul Bajaj has stepped down as the Non-executive Chairman of the company. He will end his duties from the roles on April 30, 2021. The company has appointed Niraj Bajaj as the new Chairman of Bajaj Auto Ltd.
The company has also announced that Rahul Bajaj has been appointed as the Chairman Emeritus of Bajaj Auto. He will be serving in that position for a period of 5 years starting from May 1, 2021.
According to the statement released by the company, Rahul Bajaj has decided to resign due to his age. He has been part of the company and driving force for five decades since the year 1972.
In its official statement, Bajaj Auto said, "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. "
It further stated, "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 1 May 2021. This will be taken up at the ensuing annual general meeting for the approval of the shareholders."
Niraj Bajaj will be taking over all duties from Rahul Bajaj starting next month. He joined the board of Bajaj Auto Limited in 2006. He is also on the Board of Directors of Bajaj Auto Ltd, Bajaj Allianz Life and General Insurance Co Ltd, and is Chairman of Bachhraj & Company, Jamnalal Sons and various other Bajaj Group Companies.
Thoughts About The Rahul Bajaj Resigning As Chairman Of Bajaj Auto
Rahul Bajaj has served in the company for 49 years. Over the years, he has been responsible for the company to reach new heights and have been the driving force for the brand. However, due to his current age, he is forced to step down and become the advisory member for the brand.