Leading industrialist Rahul Bajaj will step down as the Chairman and Non-Executive Director of Bajaj Finserv from May 16 as part of succession planning, the diversified non-banking financial company said on Wednesday.

Having been at the helm of the company since its inception in 2007 and the Group for around five decades, Bajaj tendered a letter of resignation on February 15 to be effective from the conclusion of board meeting scheduled on 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," Bajaj Finserv informed stock exchanges in regulatory filings.

He will not accept any emoluments for taking up this position.

The company's board has also re-appointed D J Balaji Rao, Nanoo Pamnani and Gita Piramal as independent directors. The five-year terms of Rao and Pamnani end on April 1 and both have been reappointed for another five years.

Piramal's term ends on July 15 and she too has been reappointed for another five years.

.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)