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Pawan Munjal is chairman of Hero Motocorp

By afaqs! news bureau , afaqs!, New Delhi | In Marketing | June 02, 2015
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Dr. Brijmohan Lall will relinquish his duties as executive chairman and take on the role of chairman emeritus of the company.

Hero MotoCorp Ltd (HMCL), the two-wheeler manufacturer, has appointed Pawan Munjal as the new chairman of Hero MotoCorp. He takes over the position from Dr. Brijmohan Lall who has been the chairman of the company since its inception in 1984.The company's board unanimously approved his appointment as the chairman, managing director and CEO of Hero MotoCorp.

Pawan Munjal

The board took up this matter during a recently held meeting after Dr. Brijmohan Lall expressed his desire to relinquish his duties as executive chairman of the company. While accepting his offer, the board requested him to continue to be the guide and mentor of the company in the form of chairman emeritus. Dr. Lall will continue to be part of the board as a non-executive director.

With this transition, the top leadership succession plan, which was initiated in August last year with the elevation of Pawan Munjal as vice chairman, has come to its logical conclusion. Under the leadership of Munjal, Hero has remained the world's largest two-wheeler manufacturer in terms of unit volumes sold in a calendar year by a single company since 2001 - the year he took over as the MD and CEO.

Hero MotoCorp continues to command well over 50 per cent share in the domestic motorcycle market in India. The company sold a record number of 6.63 million two-wheelers in the financial year 2015 (Apr 2014-March 31 2015) - its highest-ever annual sales.

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