Noted industrialist Rahul Bajaj will step down as Non-Executive Chairman of Bajaj Finance on July 31, after being at the helm of the company for over three decades.
He will be succeeded by Sanjiv Bajaj, currently Vice Chairman, the Bajaj Finance said in a regulatory filing on Tuesday.
"Rahul Bajaj, Non-Executive Chairman of the company, having been at the helm of the company since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office as chairman of the board with effect from close of business hours on July 31, 2020," the company said.
Rahul Bajaj, however, will continue to serve the company as a non-executive non-independent director.
The company's board "has approved the appointment of Sanjiv Bajaj as Non-Executive Chairman of the company with effect from August 1, 2020, in place of Rahul Bajaj, the filing said.
Bajaj Finance Ltd, one of the largest players in consumer finance segment, on Tuesday posted 19 per cent year-on-year fall in consolidated net profit at Rs 962 crore for the April to June quarter.
It had posted a net profit of Rs 1,195 crore in the corresponding quarter of last year.
However, consolidated assets under management (AUMs) grew by 7 per cent to Rs 1.38 lakh crore in Q1 FY21 from Rs 1.28 lakh crore in Q1 FY20.
The company said its liquidity position remains strong with an overall liquidity surplus of nearly Rs 17,700 crore on a consolidated basis. The liquidity surplus as of July 20 was about Rs 20,590 crore.
