Bajaj Auto has announced the appointment of Neeraj Bajaj as its new Chairman of the Board with effect from May 1, 2021.
The auto maker has also announced Rahul Bajaj as its Chairman Emeritus.
“Rahul Bajaj, Non-executive Chairman of the Company, having been at the helm of the Company since 1972 and the Group for five decades, considering his age, has tendered his resignation as non-executive director and Chairman of the Company with effect from close of business hours on 30 April 2021,” Bajaj Auto said in a filing with stock exchanges.
“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 on Thursday and as recommended by Nomination and Remuneration Committee has approved the appointment of Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from 1 May 2021,” the company said.
This will be taken up at the ensuing annual general meeting for the approval of the shareholders.
“In place of Rahul Bajaj, Niraj Bajaj, non-executive Director of the Company has been appointed as Chairman of the Company with effect from 1 May 2021,” the company added.
