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India's largest two-wheeler manufacturer, Hero MotoCorp, on Tuesday elevated Pawan Munjal as its vice-chairman.
The board of directors approved the elevation of Pawan Munjal to the newly created position of vice-chairman, Hero MotoCorp said.
Pawan Munjal, 59, is the third son of company patriarch Brijmohan Lall Munjal. He will now hold the position of vice-chairman and managing director (MD). He was earlier the MD and CEO of the company.
Brijmohan Lall Munjal, chairman, Hero MotoCorp, said: "This is an acknowledgement of his (Pawan's) inspiring leadership and progressive vision, which has helped Hero MotoCorp strengthen its No 1 position in a highly competitive and volatile market."
He added the future of the company looked "promising as well as exciting" under the leadership of Pawan Munjal despite challenging times ahead. "It is, therefore, the right time to strengthen the hands of Pawan, as he leads Hero MotoCorp to a new era of innovation and technological excellence," said Lall. Brijmohan's youngest son Sunil Kant Munjal will continue as joint MD of Hero MotoCorp and as chairman of Hero Corporate Services.
Pawan Munjal has been leading Hero MotoCorp even before the Munjals dissolved the joint venture with Japanese partner Honda.
Pawan Munjal's elder brother Suman Munjal is a non-executive director of Hero MotoCorp and MD of Rockman Industries Ltd. His another brother Raman Munjal is no more. The Hero Group, which officially came into existence in 1956, had started its activities in the early 1940s as a bicycle maker.
Hero MotoCorp net profit up 2.58%
The country's largest two-wheeler maker Hero MotoCorp on Tuesday reported a 2.58 per cent increase in it's net profit which stood at Rs 562.8 crore for the first quarter ended on June 30. The company had posted a net profit of Rs 548.6 crore during the corresponding period of the previous financial year.
