Rahul Bajaj will leave his executive position to remain non-executive president
NEW DELHI: the long-term president of Bajaj Auto Rahul Bajaj He will leave his executive position to become a non-executive director while continuing to occupy his current position, the company said Thursday.
Bajaj, who has been director of the company since April 1, 1970, was last re-elected by the board for a period of five years from April 1, 2015, and his term as executive president expires on December 31. March 2020. The company said in a regulatory presentation.
Due to certain commitments and other pre-occupation, Rahul Bajaj has decided not to continue as a whole-time director of the company after the expiry of his current term on March 31, 2020, it added.
Bajaj Auto also said that its board of directors at a meeting held on Thursday approved its appointment as a non-executive director with the continued appointment as president of the company effective as of April 1, 2020, subject to shareholder approval.
As Bajaj has already turned 75, shareholder approval will be taken by special resolution by postal vote for his appointment as non-executive president, as required by SEBI regulations, the company added.
After taking charge of the Bajaj Group business in 1965, Rahul Bajaj led the company to its growth path. Under his stewardship Bajaj Auto, the group's flagship company, saw its turnover grow to Rs 12,000 crore from just Rs 7.2 crore with the firm's scooters becoming the mainstay.
He directed the diversified entity during the transition from India from a closed to a liberalized economy and led the company to expand its product portfolio under the Bajaj brand, finding a foothold in global markets.
In 2005, Rahul Bajaj started passing the baton of the company to son, who became the managing director of Bajaj Auto and led the company to become a truly global automobile player.
Rahul Bajaj, an Economics graduate from Delhi University as well as an MBA from Harvard Business School, was also a member of Rajya Sabha from 2006-2010.