Shiv Nadar has stepped down as Managing Director and Board Member of HCL Tech, a year after handing over the reins of the IT major to his daughter, Roshni Nadar Malhotra. In July 2020, he had stepped down from the Chairman’s role and Roshni succeeded him.
HCL Tech has elevated C. Vijayakumar as Managing Director & Chief Executive Officer of the company for five years with effect from July 20. Earlier he was working as President & CEO of the company.
Additionally, Vanitha Narayanan has been appointed as additional director and will hold office as independent director
Shiv Nadar, who has completed 76 years of age, will now take on the role of Chairman Emeritus and Strategic Advisor to the company’s board, according to a regulatory filing on Monday.
“In order to continue to benefit from his vast knowledge, experience, and wisdom in an advisory role, the board…approved the appointment of Shri Shiv Nadar as the Chairman Emeritus and Strategic Advisor to the Board for a term of five years with effect from July 20, 2021,” the filing said.
Shiv Nadar is a pioneer of the computing and IT industry in India. In 1976, he founded the HCL Group that started off as a technology hardware company, manufacturing the country’s first indigenous computers and then evolved into a more comprehensive software services global organisation.
Under Nadar’s leadership, HCL is credited with the first ‘Made in India’ IT product innovations with the first 8-bit microprocessor-based computer in 1978 and the world’s first fine-grained multi-processor UNIX installation in 1989, among others. HCL played a key role in supporting India’s telecom revolution through the creation of the largest mobile distribution network with Nokia.
HCL Tech is an Indian multinational information technology services and consulting company, headquartered in Noida, Uttar Pradesh, India. It is a subsidiary of HCL Enterprise.
HCL Tech on Monday reported a 9.9% rise in its consolidated net profit to Rs.3,214 crore for the first quarter ended June and said it expected revenue to grow in double digits in constant currency in the ongoing fiscal, driven by a strong deal pipeline.