Bajaj Finance Ltd.'s board of directors, based on the recommendation of the nomination and remuneration committee, has approved leadership changes at its board meeting on Thursday.
Rajeev Jain, currently the managing director, will be elevated to vice chairman in the capacity of an executive director for a period of three years, effective April 1.
Meanwhile, Anup Kumar Saha, currently serving as the deputy managing director, will take over as the managing director from April 1 for the remainder of his tenure until March 31, 2028.
Jain, whose tenure as managing director was set to end on March 31, joined the Bajaj Finserv Group in 2007 as the chief executive officer of Bajaj Finance. He was later appointed as managing director in 2015. He also serves as vice chairman on the board of Bajaj Housing Finance Ltd., where he plays a strategic role in guiding the company's growth.
Under his leadership, Bajaj Finance transformed from a single-product auto finance company into a diversified, technology-driven financial services provider offering a range of loan products, payments, and investment solutions to consumers and businesses, according to the exchange notification.
Saha, who was appointed as an executive director for five years from April 1, 2023, was later redesignated as deputy managing director from April 1, 2024. Now, he is set to take over as managing director from April 1.
With 32 years of experience in financial services, including 14 years in banking and 11 years in non-banking financial companies, Saha has led business transformation efforts, strategy execution, and performance enhancement, the release said. He oversees a team of over 60,000 employees, steering Bajaj Finance's customer-centric, technology-driven approach.
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