The Board of Directors of the company at its meeting held today approved the elevation of Munjal to the newly-created position of Vice Chairman, Hero MotoCorp said.
Munjal (59) the third son of company patriarch Brijmohan Lall, will now hold the position of Vice-Chairman and Managing Director. He was earlier the Managing Director and CEO of the company.
"I will be taking up the extra responsibility whenever the Chairman is not available, otherwise nothing changes much for me as I will be still going after those targets and ambitions that the company has outlined," Munjal told PTI.
He further said the future of the company looked "promising as well as exciting" under the leadership of Pawan Munjal despite challenging times ahead.
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"It is, therefore, the right time to strengthen the hands of Pawan as he leads Hero MotoCorp to a new era of innovation and technological excellence," Lall said.
Pawan Munjal has been actively leading the firm even before the Munjals broke off with Japanese partners in their erstwhile joint venture Hero Honda.
The other children of Lall are late Raman Munjal (the eldest son) and second son Suman Munjal, who is a Non-Executive Director at Hero MotoCorp and is the Managing Director of Rockman Industries Ltd.
The Hero Group, which officially came into existence in 1956, had started its activities in the early 1940s as a bicycle-maker run by the four brothers.
In 2010 in agreement to divide the Hero Group was reached based on a simple principle of ending the numerous cross holdings between the families of BM Munjal and his three brothers -- OP Munjal, Satyanand Munjal and the late Dayanand Munjal.
It is targeting 10 per cent of its annual sales to come from export markets, at around one million units by 2017.
Hero MotoCorp separated from Honda Motor Co Ltd in 2011 and has augmented its global presence, selling products across 18 countries, including Peru, Guatemala, Turkey and Egypt.