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.
Here is all you need to know about the newly appointed Chairman of Bajaj Finance:
Sajiv Bajaj, 49, the younger son of Rahul Bajaj, pursued BE Mech from University of Pune, MSC from Univerity of Warwick and MBA from Harvard Business School, USA.
He is the Managing Director and CEO of Bajaj Finserv Ltd since February 2008 and after his father Rahul Bajaj stepped down from the post, he went on to become the Chairman as well.
His role in the organisation includes guiding current businesses and building new ones in the space.
He has also held the Vice-Chairman position at Bajaj Finance Ltd since October 2013.
Alongwith his roles at Bajaj Finance, he is also the Chairman of Bajaj Allianz Life Insurance Company and Bajaj Allianz General Insurance Company. He has been a non-excecutive member of the two companies since its inception in 2001.
Sanjiv is the MD and CEO of Bajaj Holdings and Investment ltd. At the company, he is responsible for building strategy and guiding the company.
He is the former Executive Director of Bajaj Auto Ltd and currently its non executive director.
He had been elected as Chairman of Confederation of Indian Industry (CII) Western Region for 2019-20.
Sanjiv has also received several accolades for his work including All India Management Association (AIMA) Managing India Awards Entrepreneur of the Year award 2019 and Economic Times - ET Business Leader of the Year award 2018. He also received the Ernst & Young - EY Entrepreneur of the Year award in 2017, Bombay Management Association (BMA) - Entrepreneur of the Year Award 2015-16, Business World - India's Most Valuable CEOs in 2015 & 2016 and Financial Express Best Banks Award: Banker of the year 2017-18 among others.
Sanjiv is married to Shefali Bajaj who has a bachelor's in economics and commerce from St. Xavier’s College Mumbai and a Masters in Business Administration from Switzerland.
Sanjiv is the brother of Rajiv Bajaj who is the managing director of Bajaj Auto.