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Hero Motors group has appointed Pankaj Munjal as its Chairman and Managing Director. He will replace Om Prakash Munjal, who led the Ludhiana-based company for more than 60 years.
The decision was taken at a recent board meeting, the company said in a statement.
The Hero Motors group companies include Hero Cycles, auto parts manufacturing companies - Hero Motors Ltd, ZF Hero Chassis Systems, and Munjal Kiriu Industries, Munjal Hospitality and luxury home décor products company Oma Livings.
OP Munjal along with his brother BM Munjal founded Hero Group in 1956.
The auto ancillary division has clients such as BMW, for both Germany and Indian markets, and other global brands including Suzuki, General Motors, Honda, Nissan and Toyota.
Meanwhile, the board of directors also decided to restructure leadership roles at Hero Cycles and has appointed KK Vij as Chief Executive Officer, the company said.
“These changes were made as part of the expansion strategy to strengthen the leadership keeping in mind the future plans that the company aims to realise,” it added.
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