Hero MotoCorp stated in a BSE filing that Sunil Kant Munjal will exit the firm as the Joint Managing Director after disclosing its family settlement agreement from the promoters.
"The Management and Control of Listed Entity vested with the Family Group and Mr. Sunil Kant Munjal resigned as Joint Managing Director in the listed entity," the company said.
"Understanding reached between "Family Group" and Sunil Kant Munjal on the usage of trademark HERO", it further stated.
The firm has stated that the division of BML Munjal Group Entities is the reason for Munjal's exit from Hero MotoCorp's top management. The agreement was entered upon on 27 July, 2016.