Rajiv Bajaj will once again be managing director and CEO of Bajaj Auto for the next five years, the two-wheeler maker said in a regulatory filing. Bajaj Auto board approved the re-appointment on Tuesday for a period of five years with effect from 1 April 2020. Rajiv Bajaj’s current term was set to expire on 31 March 2020. The re-appointment is subject to approval from shareholders of the manufacturer that will be a part of the ensuing annual general meeting.
The BSE filing from Bajaj Auto read, “Rajiv Bajaj, Managing Director and CEO of the company, whose five-year term expires on March 31, 2020, has been re-appointed for a further period of five years with effect from April 1, 2020.” the company said in a filing to BSE.
The board has also approved the appointment of Gita Piramal as an independent director of the company, whose five-year term in the same position was scheduled to expire on 31 March 2020.
Earlier in January, it was announced that the longest-serving chairman of Bajaj Auto Rahul Bajaj will step down from the executive role to become a non-executive director while continuing to hold his current position.
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Bajaj, who has been a director of the company since April 1, 1970, was last reappointed by the board for a five-year term with effect from April 1, 2015, and his term as executive chairman is expiring on March 31, 2020, the company said in a regulatory filing.
Bajaj Auto is in the process of upgrading all its products to BS-VI compliance, while also recently expanding the Dominar range with the launch of the Dominar 250. Besides this, Bajaj Auto also introduced the Husqvarna brand in India with the launch of Svartpilen 250 and Vitpilen 250. Also, Bajaj now has a product in the all-electric segment – the Chetak Electric.