Pawan Munjal is Hero MotoCorp's new chairman

Two-wheeler giant Hero MotoCorp Ltd (HMCL) witnessed the passing of baton as the top industrialist Brijmohan Lall Munjal step aside to escalate his son Pawan Munjal as the new Chairman of Hero MotoCorp.

The company’s Board took up this matter during its meeting yesterday in accordance with Brijmohan Lall’s desire to relinquish his duties as the executive chairman of the company. While accepting his offer, the Board requested the 92-year-old to continue to be the guide and mentor of the company in the form of chairman emeritus, which he accepted.

Brijmohan Lall, who has been the Chairman of Hero MotoCorp since its inception in 1984, will now continue to be part of the Board as a non-executive Director.

With this lastest development, the top leadership succession plan, which was initiated in August last year with the elevation of Pawan Munjal as vice chairman, has reached its logical conclusion.

Even in a highly-competitive and volatile market, Pawan Munjal has guided Hero MotoCorp to expand its global footprint across continents.

Currently, Hero MotoCorp continues to command well over 50% share in the domestic motorcycle market in India. In FY15, the company has recorded a sale of nearly 6.63 million units two- its highest-ever annual sales.
(Image: BCCL)