Bajaj Auto on Thursday announced that Rahul Bajaj has resigned as the non-executive director and chairman of the company. He has been appointed as Chairman Emeritus of the auto major for a term of five years with effect from May 1.
In an exchange filing, the company said that Niraj Bajaj, Non-executive Director of Bajaj Auto has been appointed as its chairman with effect from May 1.
Bajaj Auto said that Rahul Bajaj, who has been at the helm of the company since 1972 and of the Bajaj Group for five decades, has tendered his resignation considering his age. His resignation will come into effect from close of business hours on April 30, 2021.
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.”
This will be taken up at the ensuing annual general meeting for the approval of the shareholders, the company said.
In a separate development, the two-wheeler and three-wheeler maker reported a 1.7 percent year-on-year (YoY) growth in its standalone profit at Rs 1,332.1 crore for the quarter ended March 2021, impacted by lower other income, but supported by healthy revenue growth.