Rahul Bajaj resigns as chairman of Bajaj Auto citing age, to become chairman emeritus

Rahul Bajaj on Thursday resigned as the chairman of Bajaj Auto owing to his age after being at the helm of the company since 1972. He will assume the role of chairman emeritus of the company from 1 May, according to a company statement.

Niraj Bajaj, presently a director on the company’s board will take over as the non-executive chairman.

“Shri Rahul Bajaj has made a huge contribution to the success of the company and the group over the last five decades,” read a stock exchange notice from Bajaj Auto.

“Considering his tremendous experience and in the interest of the company and to continue to benefit from his experience, knowledge and wisdom from time to time in an advisory role and as a mentor, the board of directors at its meeting held today … approved the appointment of Shri Rahul Bajaj as Chairman Emeritus of the Company for a term of five years with effect from 1 May 2021,” the note read.

Bajaj Auto also declared a dividend of Rs 140 per share on Thursday. The total pay-out towards dividend for the year FY21 would amount to Rs 4,051 crore, about 90% of the standalone profit for the year.

The stock of Bajaj Auto closed at Rs 3,834.25 per share on the BSE on Thursday, down 1.44%. The announcement came after market hours.