New Delhi: One of the scions of the Brijmohan Lall family – Sunil Kant Munjal will relinquish his role as Joint-MD of Hero MotoCorp – the flagship two-wheeler business, and step down from the co’s board of management. The realignment of businesses in the Munjal family that began in 2010 when the late patriarch asked various family members to consolidate the various cross holdings they had in each other’s businesses. This development was always on the cards say sources in the group and the timing is just an outcome of the fact that Sunil Kant Munjal’s tenure as Joint-MD was coming to an end this year. His role ends on August 16 2016. His decision step down also has the blessings of his mother and Munjal family matriarch Mrs Santosh Munjal.
He will continue to helm the other Munjal family businesses, namely Hero BPO, Mindmine, Hero Realty, and Hero Corporate Service. A statement released by the group also points to Mr Munjal’s desire to diversify into new business areas.
Pawan Munjal, Chairman, Managing Director & Chief Executive Officer, Hero MotoCorp said, “The company management reiterates our commitment to continue to build our organisation into a truly world class enterprise in all respects. We will continue to work in the best interest of all stakeholders of Hero MotoCorp, including shareholders, employees, suppliers and business associates.”
In a statement to the stock markets, Hero MotoCorp also says that the realignment will not impact the overall promoter shareholding, strategic direction or operational management of the Company.