New Delhi: Hero Motors Group, which includes flagship company Hero Cycles, on Monday said it has elevated Pankaj Munjal as its Chairman and Managing Director (CMD).
Pankaj Munjal has taken over from O P Munjal, who led the Ludhiana-based company for more than 60 years, Hero Motors Group said in a statement.
O P Munjal has now been elevated to the position of Chairman Emeritus, it added.
The group comprises cycle major Hero Cycles, auto parts manufacturing companies — Hero Motors Ltd, ZF Hero Chassis Systems and Munjal Kiriu Industries — hospitality arm Munjal Hospitality and luxury home decor products company Oma Livings.
Pankaj Munjal had joined the group as a trainee in 1988 and was appointed as its Co-Chairman and Managing Director in December 2011.
Incorporated in 1956, Hero Cycles is the largest cycle manufacturer in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its unit in Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad (UP).