The leading Indian industrialist, Rahul Bajaj, would be stepping down from the position of Chairman of Bajaj Finance. Bajaj has served as the non-executive chairman of the company since its inception. He has held the position for over three decades.
The businessman will be succeeded by his son, Sanjiv Bajaj, who has been holding the office of Vice-Chairman of the company. This announcement was made by Bajaj Finance in a regulatory filing in Tuesday.
“Rahul Bajaj, Non-Executive Chairman of the company, having been at the helm of the company since its inception in 1987 and the group for over five decades, as a part of succession planning, has decided to demit the office as chairman of the board with effect from close of business hours July 31, 2020”, stated the company.
An alumnus of the prestigious Harvard Business School, Rahul Bajaj hails from the business house started by Jamnalal Bajaj. He is a Pandma Bhushan recipient, the third highest civilian honor in India and was featured in the Forbes 2016 list of world’s billionaires.
Even after stepping down from the position, Rahul Bajaj, would still serve as the non-executive non-independent director in the company.
His son, would be assuming the office of Chairman of the company from August 1, 2020.
“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 the place of Rahul Bajaj”, stated the regulatory filing released by the company.
