"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."
Shares of Hero MotoCorp were trading at Rs 3,216.45, up 0.40 per cent, on BSE.
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