Head of Bajaj Family Rahul Bajaj Resigns as Chairman, Takes over as Emeritus Chairman
Published On Sep 17, 2019, Updated On Jan 28, 2020
The 81-year-old industrialist and the head of the Bajaj family, Rahul Bajaj has ceded chairmanship of three significant large companies and has continued serving in only one company on the topmost position, that is Bajaj Auto. Bajaj has taken the position of Chairman Emeritus in the following three companies-Bajaj Finance (BFL), Bajaj Finserv (Finserv), and Bajaj Holdings and Investment (BHIL).
Rahul’s family has taken charge of his responsibilities. His cousin Niraj Bajaj has taken control as BHIL’s non-executive Chairman on May 18. BHIL is the holding company of auto and finance businesses.
On the other hand, the brother in law of Rahul’s wife, Nanoo Pamnani, aged 74 years, who is also a former executive of Citibank has taken over as the Chairman of Bajaj Finserv, the financial holding company.
Finserv’s subsidiary, Bajaj Finance (BFL) has Pamnani as one of its two chairmen. Other one being Rahul’s youngest son, Sanjiv Bajaj. Pamnani is also the chairman of Bajaj Housing Finance (a home loan sector under BFL).
Going by the letter signed by the chairman in the 2018-19 annual report of BFL, on 16th May 2019, Rahul Bajaj was serving as the company’s Chairman. But as per the company’s website, he is now the Chairman Emeritus. The website has no information on Rahul’s replacement.
The eldest son of Rahul Bajaj, Rajiv Bajaj is the Managing Director at Bajaj Auto. The position of Vice Chairman in BAL is handled by Madhur Bajaj, who is Rahul’s cousin and Rajiv’s uncle.
Rahul Bajaj has led the group for 46 years now making Bajaj group of companies unstoppable in the stock market with a joint market value of Rs. 42 Lakh Crore approximately.
Recently voted in as the Chairman of CII (Confederation Indian Industry) western region, Sanjiv Bajaj, Rahul’s youngest son, is the Chairman of two joint venture companies of the Bajaj group, i.e. Bajaj Allianz Life and Bajaj Allianz General.
Bajaj Allianz General is one of the most preferred and trusted insurance providers in India. With varied range of products under Life and Health Insurance Bajaj Allianz is the leader in the insurance market. It is the first insurance company to come up with usage-based insurance through its telematic benefits.