Rahul Bajaj resigns as chairman of Bajaj Auto – a position he held for five glorious decades

• Rahul Bajaj, the chairman of one of India’s largest two-wheeler manufacturing companies Bajaj Auto, has stepped down from his position.
• The company said that the Bajaj will be replaced by Niraj Bajaj, who is currently a non-executive director in the company.
• Bajaj had been the chairman of the company since 1972.

Rahul Bajaj, the chairman of one of India’s largest two-wheeler manufacturing companies Bajaj Auto, has stepped down from his position. In an exchange filing today, the company said that the Bajaj will be replaced by Niraj Bajaj, who is currently a non-executive director in the company.

Meanwhile, Rahul Bajaj will go on to be the chairman emeritus at Bajaj Auto. His resignation will come into effect at the close of business hours on April 30, 2021.

“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 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,” said the company’s statement.

Bajaj had been the chairman of the company since 1972. He was instrumental in splitting Bajaj Auto into different units – Bajaj Auto and Bajaj Finserv, establishments which are run by his sons Rajiv Bajaj and Sanjiv Bajaj respectively.

Bajaj is also one of India’s richest Indians. According to Forbes, as per April 2021, Bajaj’s net worth was $6.3 billion.

An alumnus of Harvard Business School, Bajaj is also the recipient of one of India’s top civilian honours, Padma Bhushan.

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