Leadership change may be in the works for Bajaj Auto, hints MD Rajiv Bajaj
rajiv bajaj baja auto ceo (Photo: Bajaj Group website)
Car giant Bajaj Auto could see a changing of the guard after 17 years as CEO Rajiv Bajaj feels he has been in the job “long enough”.
Addressing shareholders at the company’s 17th Annual General Meeting (AGM) in Pune on Tuesday, Bajaj said the company needs a “younger MD”, the Financial Express reported.
“Every time I say something to you (shareholders), I start by saying, ‘my mind goes back 30 years.’ So it tells me maybe I’ve been here long enough.”
“So, just like these two companies (Chetak Technologies and Bajaj Auto Credit) have new MDs, Bajaj Auto (also) needs a new MD; a younger MD because I have been here for 34 years. I am 58 and not so young anymore,” he said, adding that he would not be going anywhere anytime soon.
In 2007, the company split into three entities, Bajaj Auto, Bajaj Holdings and Bajaj Finserv, between Rajiv and his younger brother Sanjiv Bajaj. Their father Rahul Bajaj led the company until 2021 when he was appointed honorary chairman of the Bajaj Group. The renowned industrialist passed away in 2022 at the age of 83.
Bajaj family feud
The latest development comes five years after the family-owned business entered into an agreement in 2019 that established formal procedures for handling succession and ownership-related matters.
The third generation of family business owners: Rahul Bajaj and his cousins Shekhar, Madhur and Niraj were part of this arrangement. Interestingly, Rahul’s younger brother Shishir Bajaj parted ways with the family in 2008, marking a significant moment in the history of the Bajaj legacy. The multinational conglomerate has a journey that dates back to the 1930s.
Currently, Shishir Bajaj heads the Bajaj Foundation, the philanthropic arm of the group.
Members of the Bajaj family
The remaining members of the third generation lead different branches of the group, and the same goes for the members of the next generation.
Rajiv’s uncle Shekhar Bajaj is the chairman of Bajaj Electricals. His only son, Anant, passed away in 2018, two months after he was appointed Managing Director of the company. Niraj Bajaj succeeded Rahul Bajaj as chairman of Bajaj Auto in May 2021. He has a son, Nirav.
First print: Jul 17, 2024 | 09:43 AM IST