Munjal: Role call
New Delhi, Aug. 5: Hero MotoCorp has elevated Pawan Munjal as the vice-chairman of the country’s largest two-wheeler maker.
The board of directors at its meeting today approved the elevation of Munjal to the newly created position of vice- chairman.
Munjal (59), the third son of company patriarch Brijmohan Lall Munjal, will now hold the position of vice-chairman and managing director. He was earlier the managing director and CEO.
“I will be taking up the extra responsibility whenever the chairman is not available, otherwise nothing changes much for me as I will be still going after those targets and ambitions that the company has outlined,” Munjal said.
On the development, Hero MotoCorp chairman Brijmohan Lall said, “This is an acknowledgement of his inspiring leadership and progressive vision, which has helped Hero MotoCorp strengthen its No. 1 position in a highly competitive and volatile market.”
He said the future of the company looked “promising as well as exciting” under the leadership of Pawan Munjal despite the 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,” Lall said.
Pawan Munjal has been actively leading the company even before the Munjals broke off with the Japanese partners in their erstwhile joint venture Hero Honda.
Hero MotoCorp today reported a 2.58 per cent increase in net profit at Rs 562.76 crore for the first quarter ended June against Rs 548.58 crore in the same period of the previous fiscal.
Net sales rose 14.24 per cent to Rs 6,999.4 crore from Rs 6,126.84 crore in the year-ago period. In terms of volumes, total sales grew 10 per cent to 17,15,254 units from 15,59,282 units.