Noted industrialist Rahul Bajaj will step down as non-executive chairman of Bajaj Finance on July 31, after being at the helm of the company for over three decades.
He will be succeeded by Sanjiv Bajaj, currently vice chairman, Bajaj Finance said in a regulatory filing on Tuesday.
“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 of chairman of the board with effect from close of business hours on July 31, 2020,” the company said.
Rahul Bajaj, however, will continue to serve the company as a non-executive non-independent director.
The company's board “has approved the appointment of Sanjiv Bajaj as non-executive chairman of the company with effect from August 1, 2020, in place of Rahul Bajaj,” the filing said.