This follows the decision by the Munjal family to realign their businesses to achieve future growth and expansion.
Sunil Kant Munjal, joint managing director of India's largest two-wheeler maker Hero MotoCorp Ltd will step down next month to "pursue new business interests" after his tenure ends on August 16.
This follows the decision by the Munjal family to realign their businesses to achieve future growth and expansion.
Sunil Kant, the youngest of the four members of the Munjal family, has been reporting to his brother, Pawan Munjal, who is the chairman, managing director and CEO of the company.
In a statement to the BSE, Hero Group said the members of the Munjal family have "decided to realign their businesses to achieve future growth and expansion."
According to the statement, Sunil Kant Munjal intends to focus his time and energy on his independent and core businesses and to pursue new business interests. It added that the realignment would not impact the company's promoter shareholding, strategic direction or operational management.
"We will continue to work in the best interest of all stakeholders of Hero MotoCorp, including shareholders, employees, suppliers and business associates," said the statement.
Sunil Kant Munjal is the youngest son of Brijmohan Lall Munjal, founder and the chairman of Hero MotoCorp, who built an empire by starting as a bicycle manufacturer. In 1984, the Hero Group started a joint venture with Honda Motors.
The JV broke up in August 2011, and Hero's Board of Directors agreed to pay royalties to Honda to continue to produce the popular Hero Honda brand motorcycles until 2013. The separation gave an opportunity for Hero to expand its market globally with the name Hero MotoCorp.
Before his death on November 1, 2015, a succession plan of Hero MotoCorp was in place, with the elevation of Pawan Munjal as the chairman of the company.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}