PUNE: Rahul Bajaj, one of the most successful business leaders of India and the charismatic patriarch of the Bajaj Group, has resigned as chairman of Pune-based Bajaj Finserv and will take over as the Chairman Emeritus of the company from mid-May.

Bajaj, who turned 80, through a letter dated Feb. 15, has tendered his resignation, which will be effective from the conclusion of the board meeting scheduled for May 16, Bajaj Finserv said in a regulatory filing on Wednesday.

His appointment as Chairman Emeritus will be effective from May 16, it added.

Bajaj Finserv has appointed Nanoo Pamnani as Independent Non-Executive Chairman in place of Rahul Bajaj, with effect from May 17, 2019.