Rahul Bajaj: Business magnate Rahul Bajaj has decided to step down as Chairman of Bajaj Finance. He is currently a Non-Executive Chairman of Bajaj Finance. He will step down from his post on July 31, 2020. Bajaj Finance has conveyed this in a filing to Bombay Stock Exchange. Rahul Bajaj's son Sanjiv Bajaj will succeed him from August 1. Sanjiv Bajaj is Chairman and Managing Director of Bajaj Finserv and Chairman of Bajaj Allianz.
Though he is stepping down, Rahul Bajaj will continue to serve as Non-Executive, Non-Independent Director.
The board of director has okayed Sanjiv Bajaj's elevation in a meeting held today. He is currently Vice-Chairman of the company.
"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 part of succession planning, has decided to demit the office as Chairman of the Board with effective from close of business hours on 31 July 2020," Bajaj Finance said.