Rahul Bajaj steps down as Bajaj Auto chairman, Niraj Bajaj takes charge

On Thursday, Bajaj Auto announced that Rahul Bajaj will be stepping down from his role as the company’s Non-Executive Director and Chairman with effect from the close of business hours on April 30, 2021.

Bajaj has announced that Rahul will become the Chairman Emeritus of the company for five years after he resigned as its Non-Executive Chairman. Meanwhile, Niraj Bajaj will sit at the helm of the company with effect from May 1, as the non-executive Director of the company. 

In its regulatory filing with the Bombay Stock Exchange (BSE), Bajaj Auto said that Rahul Bajaj, Non-executive Chairman, having been at the helm of the company since 1972 and the Group for five decades. The company added that considering his age, it has tendered his resignation as non-executive director and Chairman of the Company with effect from close of business hours on 30 April 2021. 

“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 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," the statement added. 

Alongside the big announcement, Bajaj Auto also released its earnings for Q4 FY21 on Thursday. The company’s net profit jumped 2% to Rs 1,332 crore. In Q4 FY20, Bajaj had posted a net profit of Rs 1,310 crore. Meanwhile, its revenue soared 26% year on year to Rs 8,596 crore. Shareholders will get a dividend of Rs 140/share.