In a major corporate development, Rajiv Bajaj, the Managing Director of Bajaj Auto, will step down from the board of Bajaj Finserv. According to a stock exchange filing on Tuesday, the veteran industrialist, who serves as a non-executive director, has informed the company that he will not seek re-election at the upcoming Annual General Meeting (AGM) scheduled for July 31. Consequently, he will officially cease to be a director of the financial services holding company upon retirement by rotation.
The decision stems from Rajiv Bajaj’s desire to reduce his external commitments and focus entirely on his multiplying responsibilities at the core automotive business. The company highlighted that his workload at Bajaj Auto Ltd. has expanded significantly in recent years due to strategic developments. These include the establishment of Bajaj Auto Technology Ltd. and Bajaj Auto Credit Ltd., alongside the automaker’s recent, high-profile acquisition of Austrian motorcycle manufacturer KTM.
The board of Bajaj Finserv formally took note of his decision, placing on record its deep gratitude and appreciation for his invaluable contributions during his long association with the firm. This move follows a similar step taken by Rajiv Bajaj in April, when he notified the group’s lending arm, Bajaj Finance, of his decision not to seek re-election as a non-executive director at its respective AGM.
Rajiv Bajaj, son of the legendary industrialist Rahul Bajaj and brother of Bajaj Finserv Chairman Sanjiv Bajaj, has been a driving force at the automotive giant since joining its board in 2002 and becoming Managing Director in 2005. His exit from the financial arms marks a clear, strategic transition toward consolidating his leadership as Bajaj Auto aggressively expands its domestic and global manufacturing footprints.
