Rajiv Bajaj will not seek re-election to the Bajaj Finserv board and will step down at the company's AGM on July 31.
The Bajaj Auto chief cited growing responsibilities, including overseeing new ventures and the integration of KTM, as reasons for reducing external commitments.
The move follows his earlier decision to exit the board of Bajaj Finance, signalling a sharper focus on Bajaj Auto's expansion plans.
Bajaj Auto Chief Rajiv Bajaj Exits Bajaj Finserv Board
Rajiv Bajaj will step down from the Bajaj Finserv board as he looks to focus on expanding responsibilities at Bajaj Auto, including new ventures and the integration of KTM
Bajaj Auto MD Rajiv Bajaj
Summary
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Rajiv Bajaj, Managing Director of Bajaj Auto, will step down from the board of Bajaj Finserv as he looks to streamline his growing responsibilities across the Bajaj group, the company said in a stock exchange filing on Tuesday.
A non-executive director on the board of Bajaj Finserv, Rajiv Bajaj will not seek re-election at the company's annual general meeting (AGM) scheduled for July 31. He will cease to be a director of the company upon retiring by rotation at the AGM, the filing said.
According to the company, Bajaj has decided to step down due to increasing commitments at Bajaj Auto, including oversight of new businesses and recent acquisitions.
"With additional responsibilities at Bajaj Auto Ltd. in recent times, owing to the setting up of Bajaj Auto Technology Ltd. and Bajaj Auto Credit Ltd., as well as the recent acquisition of KTM, he desires to reduce his other commitments," the company said.
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The move follows a similar decision taken earlier this year. In April, Bajaj informed Bajaj Finance that he would not seek re-election as a non-executive director at the company's AGM, bringing to an end his long association with the non-banking financial company's board.
Rajiv Bajaj currently serves as Managing Director of Bajaj Auto, India's largest two-wheeler manufacturer by market value. He joined the company's board in 2002 and assumed the role of Managing Director in 2005.
"The Board of Directors, at its meeting held today, took note of the above and placed on record its sincere appreciation for Rajiv Bajaj's valuable service and contribution during his long association with the company," Bajaj Finserv said in the filing.
Leadership Responsibilities at Bajaj Auto
His departure from the Bajaj Finserv board comes at a time when Bajaj Auto is expanding its strategic focus across multiple business segments, including electric mobility, international operations, and the integration of KTM following recent acquisition-related developments.
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Under Rajiv Bajaj's leadership, Bajaj Auto has undergone a significant transformation from a domestic scooter manufacturer into a global motorcycle and three-wheeler major.
The company has also strengthened its presence in exports, premium motorcycles, and electric vehicles, positioning itself as one of India's most prominent automotive brands.
On Tuesday, shares of Bajaj Auto closed 0.3% down at ₹10,200 on the Bombay Stock Exchange while Bajaj Finserv Limited closed 1.10% higher at ₹1,693 per share on the BSE.