Rahul Bajaj who is the chairman of one of India’s largest two-wheeler manufacturing companies Bajaj Auto has resigned from his position. In an exchange filing today, the company announced that the Bajaj will be soon replaced by Niraj Bajaj, who is now a non-executive director in the company.
In the meantime, Rahul Bajaj will be going on to be the chairman emeritus at Bajaj Auto. His resignation will come into consequence at the close of business hours on 30th April 2021.
The company said, “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.”
Bajaj had become the chairman of the company from 1972. He was instrumental in splitting Bajaj Auto into different units – Bajaj Auto and Bajaj Finserv, established which are run by his sons Rajiv Bajaj and Sanjiv Bajaj respectively.
Bajaj has now become one of India’s richest Indians. According to April 2021, Bajaj’s net worth was around $6.3 billion.
An alumnus of Harvard Business School, Bajaj is also the recipient of one of India’s top civilian honors, Padma Bhushan.