Senior industrialist Rahul Bajaj is going to step down as the Non-Executive Chairperson of Bajaj Finance on 31 July, making room for his son Sanjiv Bajaj to head the company, The Indian Express reported.
Rahul Bajaj has held the top position of the company for more than three decades.
According to a regulatory filing by the Bajaj Finance on Tuesday, Sanjiv who is currently the vice-chairperson of the company will take charge as the boss on 1 August.
“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 effect from close of business hours on July 31, 2020,” the company said.
He would, however, continue to serve the company as a Non-Executive Non Independent Director.
Sanjiv also chairs the board of Bajaj Allianz and is the Managing Director of Bajaj Holdings & Investment.
On Tuesday, Bajaj Finance reported a 19.48 per cent fall in its consolidated net profit at Rs 962.32 crore for the quarter ended June 30, on a year-on-year basis.
(With inputs from IANS)
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