Rahul Bajaj who has been serving to Bajaj Finserv since its inception will be stepping down from the post of Chairman and Non-Executive Director. The decision has been taken considering the succession planning idea and owing to which, Rahul Bajaj will stand down the current position from May 16, as reported by the Indian daily news, The Economic Times.
Even though Rahul Bajaj will stand down, he will remain serving the company as Chairman Emeritus. to replace Rahul Bajaj, the board has chosen Nanoo Pamnani, Vice-Chairman at Bajaj Finserv, as the new Chairman of the company.
Since the commencement of Bajaj Finserv, Rahul Bajaj has been serving the non-banking financial organization. On February 16, Bajaj handed over the resignation which will be effective at the cessation of the board meeting that is, May 16.
"Considering his tremendous experience and in the interest of the company to avail of his services, valuable knowledge and wisdom from time to time in an advisory and mentoring role, the Board has appointed Rahul Bajaj as Chairman Emeritus with effect from the conclusion of the Board meeting on 16 May 2019," said Bajaj Finserv, in regulatory filings, as reported by the Indian daily news, The Economic Times.
More so, the organization has designated Gita Piramal, Nanoo Pamnani and D J Balaji Rao as independent directors.