Bajaj, 80, vide a letter dated February 15, 2019, has tendered his resignation which will be effective from the conclusion of the board meeting scheduled for May 16, 2019, the company said in a regulatory filing.
His appointment as Chairman Emeritus will be effective from May 16, 2019, it added.
While the appointment of Rao and Pamnani will be with effect from April 1, 2019, Piramal's term will begin from July 16, 2019.
These changes are subject to approval of the shareholders.
Rahul Bajaj, born on June 1, 1938 is recognised as one of the most successful business leaders of India.
He was elected to the Upper House of Parliament for 2006-2010 period.
Stock of Bajaj Finserv closed 1.22 per cent higher at Rs 6,920 on BSE.
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