The Hero Group has announced that Sunil Kant Munjal, the joint MD of
Hero MotoCorp and Chairman of
Hero Corporate Services has quit from his roles, citing the need to focus on his independent core business.
It was in a filing to the
Bombay Stock Exchange (BSE), that the two wheeler maker announced this, saying "Keeping with the core values of the Hero Group as established by the late Dr
Brijmohan Lall Munjal, the members of
BML Munjal family have decided to realign their businesses to achieve future growth and expansion."
Sunil Kant Munjal, who is the youngest son of founder Brijmohan Lall Munjal, would not continue after his tenure comes to an end on August 16, 2016.
"This realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company", the company informed.
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