Rahul Bajaj steps down as the chairman of Bajaj Auto, Niraj Bajaj to replace him

Rahul Bajaj has resigned as the chairman of Bajaj Auto, one of the leading automobile companies in the country. He will now be replaced by Neeraj Bajaj, who is currently a non-executive director. Rahul Bajaj will step down as non-executive director and chairman with effect from 30 April 2021. This information was given by the company in an exchange filing on Thursday.

According to the company's statement, 82-year-old Rahul Bajaj has decided to leave the post citing age.Rahul Bajaj, the company's non-executive director, has been associated with Bajaj Auto since 1972 and the Bajaj Group of Companies for the last five decades. He will now be in the role of a consultant in the company after the board approved this decision. Rahul Bajaj's net worth is around $ 6.5 billion.

A statement issued by the company said that Rahul Bajaj has contributed immensely to the success of the company and the group over the last five decades. Given his tremendous experience and his experience, knowledge in the interests of the company, and his role as an advisor and a mentor from time to time, the Board of Directors appointed Rahul Bajaj as Chairman Emeritus of the Company with effect from 1 May, 2021.

Rahul Bajaj is the grandson of Indian freedom fighter and social worker Jamnalal Bajaj. Rahul has done his studies from St Stephens College in Delhi. He has also obtained a law degree from Law University of Mumbai.

Niraj Bajaj, who is the cousin of Rahul Bajaj, will take over the role of chairman in the company after this development. Niraj Bajaj is around 67 years old and has 35 years of experience in this field.In a career spanning over 35 years, Niraj Bajaj has held important positions in most of the companies of the Bajaj Group.He joined the board of Bajaj Auto Limited in September, 2006.He has an MBA from Harvard Business School in the US.He also serves on the board of directors of Bajaj Allianz Life and General Insurance.