Financial Daily from THE HINDU group of publications
Saturday, Mar 05, 2005
Financial Daily from THE HINDU group of publications Saturday, Mar 05, 2005 |
|
|
|
|
|
Home Page
-
Two/Three Wheelers Corporate - People Rahul Bajaj to quit as Bajaj Auto MD — Sons Rajiv, Sanjiv to take control Our Bureau
Mr Rahul Bajaj, Chairman and MD, Bajaj Auto Ltd, addressing a press conference in the Capital on Friday. - Ramesh Sharma
New Delhi , March 4 THE mantle of Bajaj Auto Ltd is to now fall on the shoulders of the fourth generation. The Chairman and Managing Director, Mr Rahul Bajaj, 66, on Friday said that he would like to step down as managing director of the company and make way for his sons to take hands-on control. He will, however, continue as the Chairman. "I am stepping down from March 31," Mr Bajaj told reporters on the sidelines of a business conference held here. He said his elder son, Mr Rajiv Bajaj, who is joint Managing Director of Bajaj Auto, will take over as Managing Director from April 1 and will be handling the production, marketing, supply chain, manufacturing and production engineering at the company. He also said his other son, Mr Sanjiv Bajaj, who is currently an Executive Director (Finance) at Bajaj Auto, will manage the company's international marketing, costing, legal services, and treasury operations among other responsibilities. Industry watchers point out that over the last few years, Mr Rahul Bajaj has delegated substantial control to his cousin, Mr Madhur Bajaj, Vice-Chairman of Bajaj Auto, and sons, Rajiv and Sanjiv. According to an industry watcher, the announcement does not come as a surprise as Mr Rahul Bajaj had indicated several times in the past that his sons would soon be taking over the reins of the company. Mr Rajiv Bajaj has been working with the company since 1990 and was appointed Joint Managing Director in March 2003. The Bajaj family currently owns 51 per cent of Bajaj Auto. Meanwhile, referring to the ongoing row with brother Mr Shishir Bajaj, Mr Rahul Bajaj also said that he expects a family settlement in about three months time.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|