A statement released by the group also points to Mr Munjal's desire to diversify into new business areas. Sunil Kant Munjal says, "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. 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."
Pawan Munjal, Chairman, Managing Director & Chief Executive Officer, Hero MotoCorp 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."
In a statement to the stock markets, Hero MotoCorp also says the realignment will not impact the overall promoter shareholding, strategic direction or operational management of the company.
