The 'ownership realignment' comes within months of Hero Group patriarch Brijmohan Lall Munjal's death in November last year. After end of his tenure at the two-wheeler major on August 16, Sunil Kant Munjal will focus on some of the other group businesses including Hero Corporate Service and its allied companies as the Chairman, while he also pursues new business interests.
"With the blessings of Santosh Munjal, the matriarch of the Munjal family, Sunil Kant Munjal, Joint Managing Director, Hero MotoCorp Ltd and Chairman, Hero Corporate Service, realigns his business/partnership stake in the Hero Group," a statement issued by BML Munjal family said. As part of the realignment, he will focus on some of the other group businesses including Hero Corporate Service and its allied companies as the Chairman, while he also pursues new business interests, it added.
"Our dear father, late Dr Brijmohan Lall, always encouraged us to spread our wings while we remain a close-knit family. In keeping with that spirit, all of us within the family unit unanimously believe that our diversification drive needs a further fillip in order to expedite the growth trajectory," Sunil Munjal said. Sunil is the youngest of the four Munjal siblings. "This is also an exciting time for me to consolidate and strengthen some of the existing businesses and to explore new opportunities that are close to my heart," he added.
Commenting on the development, Pawan Munjal, Chairman, Managing Director and Chief Executive Officer, Hero MotoCorp Ltd, said this is a step to further stimulate the immense diversification opportunities that the Hero Group envisions for itself, while enabling family members to pursue their own aspirations.
"Sunil has been a pillar of strength and a key member of the leadership team, and we wish him all success in his new endeavours. We, at Hero MotoCorp, are grateful for his contribution during his tenure as Joint Managing Director and we will continue to draw upon his guidance in the future. We wholeheartedly endorse his decision to explore new avenues and will stand by him whenever he needs any support," he added.