Mumbai: Rajiv Bajaj, Managing Director of Bajaj Auto, will step down from the board of Bajaj Finserv as he seeks to reduce external commitments and focus on growing responsibilities within the automotive business.
The development was disclosed by Bajaj Finserv in a regulatory filing, where the company said Rajiv Bajaj, currently serving as a non-executive director, has informed the board that he will not seek re-election at the company’s Annual General Meeting (AGM) scheduled for July 31.
As a result, he will cease to be a director of Bajaj Finserv upon his retirement by rotation at the AGM.
Growing responsibilities at Bajaj Auto
According to the filing, Bajaj cited increasing commitments at Bajaj Auto as the primary reason behind his decision.
The company noted that his responsibilities have expanded significantly in recent years following the establishment of new businesses, including Bajaj Auto Technology Ltd. and Bajaj Auto Credit Ltd..
In addition, Bajaj Auto recently strengthened its involvement with KTM, further increasing management responsibilities within the group.
The filing stated that Bajaj wishes to devote more attention to these initiatives and therefore reduce his commitments outside the core automobile business.
Bajaj Finserv acknowledges contribution
The board of Bajaj Finserv took note of Rajiv Bajaj’s decision and recorded its appreciation for his contributions during his long association with the company.
His departure marks the end of a significant tenure on the financial services company’s board, where he played a role in the group’s broader strategic direction.
Earlier exit from Bajaj Finance board
The move follows a similar decision regarding Bajaj Finance. Earlier, Rajiv Bajaj had informed the lender that he would not seek re-election as a non-executive director at its AGM, bringing his long association with that board to a close as well.
The decisions indicate a broader effort to streamline his professional commitments and concentrate on the future growth of Bajaj Auto and its expanding businesses.
A key figure in the Bajaj Group
Rajiv Bajaj, son of late industrialist Rahul Bajaj, has been instrumental in transforming Bajaj Auto into one of India’s leading two-wheeler manufacturers.
Under his leadership, the company strengthened its position in domestic and international markets, expanded its premium motorcycle portfolio, and invested in emerging technologies and electric mobility.
With his exit from the boards of Bajaj Finserv and Bajaj Finance, Bajaj is expected to focus more closely on steering Bajaj Auto through its next phase of growth and diversification.