Pune-based Bajaj Auto has recently announced a rejig in its top management. The company has stated that Rahul Bajaj who has been serving the brand since 1972 and the group for five decades has stepped down as Non-Executive Director and Chairman. This will come into effect from the close of business hours on 30th April 2021. Bajaj turns 83 in June this year and his age is the prime reason behind his resignation. Last year, he stepped down as the Chairman of Bajaj Finance, followed by Bajaj Finserv. Given his immense experience and in the interest of Bajaj Auto, the Board of Directors at its meeting approved the appointment of Rahul Bajaj as Chairman Emeritus for a term of five years with effect from 1st May 2021. The same will be taken up at the ensuing annual general meeting for the approval of the shareholders.
Speaking of his educational qualifications, Bajaj holds an Honours Degree in Economics from Delhi University, a degree in Law from the Bombay University and also, an MBA degree from Harvard Business School. The company has also announced that in place of Rahul Bajaj, the outgoing Chairman of the company, Niraj Bajaj, Non-executive Director at Bajaj Auto has been appointed as the Chairman with effect from 1st May 2021. Niraj Bajaj has a total of 35 years of experience in the industry and he joined Bajaj Auto in September 2006.
In other news, Bajaj Auto has reported a 2% year-on-year (YoY) rise in net profit to Rs 1,332 crore for March quarter. The company revealed that revenues were up 26% YoY at Rs 8,596 crore. Moreover, operating profit margins during March quarter were 18.1% and the drop was attributed to a sharp increase in input costs. Stay tuned with Express Drives for more updates and also, subscribe to our YouTube channel for the latest auto news, reviews and much more.
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