Rajiv Bajaj to step down from Bajaj Finserv board, focus on auto business

Rajiv Bajaj, managing director of Bajaj Auto, will step down from the board of Bajaj Finserv as he looks to reduce external commitments and focus on growing responsibilities at the automaker.

In an exchange filing on Tuesday, Bajaj Finserv said Rajiv Bajaj, a non-executive director on its board, has informed the company that he will not seek re-election at the company's annual general meeting (AGM) scheduled for July 31. He will cease to be a director of the company upon retirement by rotation at the AGM.

According to the filing, Bajaj cited additional responsibilities at Bajaj Auto in recent years as the reason for his decision.

"With additional responsibilities at Bajaj Auto Ltd. in recent times, owing to the setting up of Bajaj Auto Technology Ltd. and Bajaj Auto Credit Ltd. as well as the recent acquisition of KTM, he desires to reduce his other commitments," the company said.

The board of Bajaj Finserv took note of the decision and placed on record its gratitude and appreciation for Bajaj's contribution during his long association with the company.

Earlier in April, Rajiv Bajaj had notified Bajaj Finance of his decision not to seek re-election as a non-executive director at the company's AGM, bringing to a close his long association with the lender's board. Bajaj Finance had then acknowledged his contribution and placed on record its appreciation for his service.

Rajiv Bajaj is currently the managing director of Bajaj Auto, one of India's largest two-wheeler manufacturers. He is the son of Rahul Bajaj, who transformed Bajaj Auto into one of India's best-known automobile brands, and the brother of Sanjiv Bajaj, chairman and managing director of Bajaj Finserv, the financial services holding company that owns a majority stake in Bajaj Finance.

He became a member of Bajaj Auto's board in 2002 and took over as managing director in 2005. He has also held positions on the supervisory boards of companies within the KTM Group.