Bajaj Finance Ltd’s Non-Executive Chairman Rahul Bajaj has decided to demit office as Chairman of the Board with effect from July 31.
The non-banking finance company, in a regulatory filing, said this move is a part of succession planning.
Bajaj will, however, continue to serve the Company as a Non-Executive Non Independent Director. He has been at the helm of BFL since its inception in 1987.
BFL’s Board of Directors, at its meeting on Tuesday, approved the appointment Sanjiv Bajaj, currently Vice Chairman, as Non-Executive Chairman of the Company with effect from August 1.