Sunil Kant Munjal, Joint Managing Director, Hero MotoCorp. Photo: Company website
Sunil Kant Munjal, joint managing director at Hero MotoCorp will step down from his position next month to ‘pursue new business interests’. Munjal is the brother of Pawan Munjal, the chairman, managing director and chief executive officer of the company.
“Sunil Kant Munjal, JMD, 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. He has, therefore, expressed his desire to step down from the Board of Directors, once his tenure comes to an end on August 16, 2016,” the company said in a communication to stock exchanges.
Hero said this realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company. “We will continue to work in the best interest of all stakeholders of Hero MotoCorp, including shareholders, employees, suppliers and business associates,” the statement said.