Hero MotoCorp Ltd, the world’s largest two-wheeler manufacturer, today said Sunil Kant Munjal will step down from the board of the company when his tenure as Joint Managing Director ends on August 16.
“The members of the BML Munjal family have decided to realign their businesses to achieve future growth and expansion… Sunil Kant Munjal, Joint Managing Director, Hero MotoCorp, and Chairman, Hero Corporate Service, intends to focus his time and energy on his independent and core businesses, and to pursue new business interests,” the company said in a BSE filing.
It further said: “He has, therefore, expressed his desire to step down from the Board of Directors of Hero MotoCorp, once his tenure as the Joint Managing Director of the company comes to an end on August 16, 2016.”
Hero MotoCorp said this realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company.
Shares of Hero MotoCorp were trading at Rs 3,216.45, up 0.40 per cent, on BSE.