The board of Bajaj Auto has appointed Rahul Bajaj as the chairman for a five-year term beginning April 1 while his son Rajiv would take over as the managing director.
At a meeting on Wednesday, the board re-appointed company vice-chairman and Rahul Bajaj's cousin Madhur Bajaj, whose term expires on November 5, 2005, as the vice chairman of the company for a fresh term upto March 31, 2010,
Rahul Bajaj had last week said he would step down as managing director of the company in favour of his son Rajiv.
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He had said that operations of the company would henceforth be mostly managed by Bajaj's two sons Rajiv and Sanjiv.
As per the new set-up, Rajiv would be handling a majority of operations including production, marketing, supply chain, manufacturing and production engineering.
Younger brother Sanjiv is to head the international business, marketing and other functions like finance, treasury, costing, secretariat, legal and corporate governance.
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