Rahul Bajaj steps down as Bajaj Finance Chairman, stocks dip massively

New Delhi : Noted industrialist Rahul Bajaj has stepped down from his Non-Executive Chairman post at Bajaj Finance. He official last day of work with the company will be July 31.

He will be succeeded by Sanjiv Bajaj, currently Vice Chairman, the 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 as chairman of the board with effect from close of business hours on July 31, 2020,” the company said.

It has been mentioned that he will continue to offer services 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.