Bajaj Auto board approves of Rajiv Bajaj as MD, Rahul Bajaj to stay chairman
Pune: The board of directors of Bajaj Auto has approved the proposal to appoint Rajiv Bajaj as managing director of the company at its board meeting yesterday.

Rahul Kamalnayan Bajaj, 66, will step down as managing director of Bajaj Auto passing on the mantle of the company to his eldest son, Rajiv.

Rahul Bajaj will continue as the chairman of the Bajaj conglomerate. Bajaj Auto is facing increased competition from Honda and Piaggio. Honda has overtaken Bajaj as India's No.1 scooter maker in the past two years.

Rajiv, 38, who was previously the joint managing director, will serve a five-year term as managing director from April 1 according to a statement by the company. A mechanical engineer with a masters degree in science from the University of Warwick in the U.K is largely credited with positioning Bajaj Auto as a serious contender in the motorcycle market.

He joined the company in 1990 and became the joint managing director in 2003.

Shares of Bajaj Auto gained 0.6 per cent at Rs1,095 in Mumbai today. The stock has lost 3.2 per cent this year.

Rahul Bajaj, the chairman and managing director of the company, will give up his post as managing director and will be chairman for five years starting April 1, the company said in the statement. The directors met today to decide on the appointments.

The board extended the term of Madhur Bajaj, 52, younger brother of Rahul Bajaj as vice chairman until March 31, 2010.

Rajiv Bajaj will take over as managing director from April 1 and will be in charge of the production, marketing, supply chain, manufacturing and production engineering at the company.

Sanjiv Bajaj, Rahul Bajaj's younger son who joined the board as executive director last year, will manage the company's international marketing, finance functions, legal services, and treasury operations.
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Pfizer MD resigns to pursue other opportunities
Mumbai: Hocine Sidi Said, managing director, Pfizer Ltd, has resigned from the company. The resignation is effective from March 25.

Sidi Said has announced that he would be pursuing opportunities elsewhere. No details were forthcoming from the company on the future plans of the outgoing MD.

The company has not announced a successor to the MD's post. It was indicated that a decision would be taken out of Pfizer Inc, the parent company.

The outgoing MD had spent four years in India and over 19 years with the parent company.
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