Bajaj Auto chairman Rahul Bajaj will step down as executive chairman at the end of his current term, the auto major said on Thursday. In a regulatory filing, the company said Rahul Bajaj's appointment as non-executive chairman will take effect from April 1, 2020 subject to shareholders' approval. Mr Bajaj has been a director of the company since April 1, 1970, and his current term as executive chairman will expire on March 31, 2020, Bajaj Auto said.
Mr Bajaj was last reappointed by the board of the company for a five-year term starting April 1, 2015.
Bajaj Auto said Mr Bajaj has decided not to continue as a whole-time director after the expiration of his current term "due to certain commitments and other pre-occupation".
The board approved the appointment of Mr Bajaj as non-executive director with the designation continuing as chairman from April 1, 2020, subject to the approval of its shareholders.
"The board placed on record its gratitude and sincere appreciation for the immense contribution made by Rahul Bajaj in the development, growth and success of the company through his dynamic and exemplary leadership over the last five decades," Bajaj Auto said.
Bajaj Auto shares ended 1.48 per cent higher at Rs 3,137.25 apiece on the BSE, outperforming the benchmark Sensex index which declined 0.69 per cent amid a selloff across sectors.