Sanjiv Bajaj will be new non-executive chairman of Bajaj Finance from August 2020. He will succeed Rahul Bajaj, who has been at the helm of the company since its inception in 1987 and the group for over five decades.

As part of a succession plan, Rahul Bajaj has decided to demit the office as chairman of the board with effect from close of business hours on July 31, the company said in an exchange filing.

Rahul Bajaj will continue to serve as a non-executive non-independent director.