Rajiv Bajaj to exit Bajaj Finserv board amid growing responsibilities at Bajaj Auto

Rajiv Bajaj, managing director of Bajaj Auto, will step down from the board of Bajaj Finserv as he looks to devote more time to his growing responsibilities at the country's leading two-wheeler maker.

In a regulatory filing on June 9, Bajaj Finserv said Bajaj, who serves as a non-executive director on its board, has chosen not to seek re-election at the company's annual general meeting (AGM) scheduled for July 31. Consequently, he will retire by rotation and cease to be a director of the company following the AGM.

The decision comes as Bajaj Auto undertakes a series of strategic initiatives, including the creation of new businesses and the integration of recently acquired assets.

Explaining the move, Bajaj Finserv said in a regulatory filing, "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 filing links Bajaj's decision to a broadening set of responsibilities at the automaker, which has recently expanded into technology and financial services through new subsidiaries while also integrating KTM into its global operations.

"The Board of Directors of the company places on record its deep sense of gratitude and appreciation for the valuable contributions made by Rajiv Bajaj during his long association with the company," the filing added.

The development follows a similar move earlier this year. In April, Rajiv Bajaj informed Bajaj Finance that he would not seek re-election as a non-executive director at the lender's AGM, bringing an end to his tenure on the board. Bajaj Finance had then expressed its gratitude for his service and contributions over the years.

A prominent member of the Bajaj Group's leadership, Rajiv Bajaj has led Bajaj Auto since 2005 after joining the company's board in 2002. Under his stewardship, the Pune-based automaker strengthened its position in motorcycles, expanded its global footprint and sharpened its focus on premium brands and exports.

He is the son of the late Rahul Bajaj, who played a pivotal role in building Bajaj Auto into one of India's most recognised automobile companies. Rajiv's brother, Sanjiv Bajaj, serves as chairman and managing director of Bajaj Finserv, the group's financial services holding company and the promoter of Bajaj Finance.