Rahul Bajaj will step down as the chairman of Bajaj Finance at the end of July, the company said in its regulatory filing on Tuesday. He will be replaced by son Sanjiv Bajaj, who is currently the vice chairman of the company, from August 1.
“Rahul Bajaj, non-executive chairman of the company, having been at the helm since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office with effect from close of business hours on July 31, 2020,” Bajaj Finance said in release. However, the senior Bajaj will continue to serve the company as a non-executive non-independent director, The Economic Times reported, citing the filing.
Sanjiv Bajaj also chairs the board of Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company with effect since 2013. He is also the managing director of Bajaj Holdings & Investment.
Earlier in the day, Bajaj Finance posted a 19.40 per cent year-on-year fall in consolidated net profit at Rs 962.32 crore for the quarter ended June 30. It had posted a net profit of Rs 1,195.25 crore in the corresponding quarter last year.
