Rahul Bajaj has decided to step down as the Chairman of Bajaj Finance, said the company in its stock exchange filing. This development will be effective from the end of this month.
“Rahul Bajaj, non-executive chairman of the company, having been at the helm since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office with effect from close of business hours on July 31, 2020”, the statement read.
Despite his resignation, he would continue to serve the company as a Non-Executive Non-Independent Director.
The Board of Directors, at its meeting, has given their nod to the appointment of Sanjiv Bajaj, currently the Vice Chairman of the Company, as Non-Executive Chairman of the Company with effect from 1st August 2020, in place of Rahul Bajaj.
Rahul Bajaj is the Chairman of the Indian conglomerate Bajaj Group and a member of parliament. He took over the Bajaj Group in 1965 and headed it successfully from the 50 years now. He is a well known businessman and philanthropist.