Rahul Bajaj to step down

Rahul Bajaj to step down
PRESS TRUST OF INDIA

Pune, Jan 21: Bajaj Auto Ltd (BAL) chairman and managing director Rahul Bajaj has decided to step down as MD of the company when his current term ends in over four years.

Bajaj, However, stated that he will continue as chairman of the Pune-based two-wheeler major.

Talking to newspersons after launching the motorcycle ‘Eliminator’ last night, Bajaj said his elder son Rajiv Bajaj is likely to be the heir to the empire. Bajaj was elected CMD of the company for a five year term last year.

He had joined as director of the managing agency of Bajaj Auto and was later elevated to the post of managing director on April one, 1970. He took over as chairman and managing director of the company on May one, 1972 after the death of his father.

“I have already handed over 95 per cent of the day-to-day functioning of the company to a group of professionals, including my two sons. Rajiv is now learning the ropes and if he learns fast, I might even step down before the expiry of my term,” Bajaj said. He also said that the bottomline of Bajaj Auto will be plagued this fiscal due to a steep slump in scooter sales.