Pawan Munjal appointed Chairman of Hero MotoCorp

Hero MotoCorp has announced that Mr. Pawan Munjal is being appointed as its new Chairman. The company's Board today unanimously approved his appointment as the Chairman, Managing Director & CEO of Hero MotoCorp. Pawan Munjal has held the position of MD and CEO of the company since 2001.

This step was taken after the company's founder and Executive Chairman, Dr. Brijmohan Lall Munjal, expressed his desire to relinquish his duties. The Board has accepted his request but has requested him to continue as Chairman Emeritus. He will continue to be part of the Board as a non-executive director. The top leadership succession plan was initiated in August last year.

Hero MotoCorp, formerly known as Hero Honda, was founded in 1984. The company has been the world’s largest two-wheeler manufacturer in terms of unit volumes sold in a calendar year by a single company. It sold a record 6.63 million two-wheelers in the financial year 2015 (Apr 2014-March 31 2015) – its highest-ever annual sales.

Hero MotoCorp commands well over 50% share in the domestic motorcycle market in India.