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Anant Gupta takes over as HCL Tech CEO

HCL Technologies says Vineet Nayar will continue as vice-chairman, joint MD till July 2013; reports 68.5% rise in net
By Surabhi Agarwal Mail MeTwitter
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First Published: Thu, Jan 17 2013. 09 01 AM IST
Anant Gupta, 44, was named HCL’s president last year and has since been considered a likely successor to take over from Nayar. Photo: Pradeep Gaur/Mint
Anant Gupta, 44, was named HCL’s president last year and has since been considered a likely successor to take over from Nayar. Photo: Pradeep Gaur/Mint
Updated: Thu, Jan 17 2013. 11 59 PM IST
New Delhi: In a filing to BSE , HCL Technologies Ltd has said that Anant Gupta has been elevated as the president and chief executive officer (CEO) of HCL Technologies. Vineet Nayar who was previously the CEO and vice-chairman of the company will continue as the vice-chairman and joint managing director till July 2013 and vice-chairman thereafter, the filing said quoting HCL Technologies’ chairman and chief strategy officer, Shiv Nadar.
The Economic Times said on Thursday that HCL Technologies, India’s fourth largest software firm would promote its current president and chief operating officer Gupta to replace Nayar, the vice-chairman and chief executive and also that Nayar could be on his way out.
The company reported a 68.5% jump in net profit at Rs.965 crore for the three months ended 31 December against the same period last year. The net profit rose 9% against the preceding three months on the back of revenues of Rs.6,274 crore, up 19.6% against the same period last year and 3% compared with the September quarter.
Gupta, 44, was named HCL’s president last year and has since been considered a likely successor to take over from Nayar. This will be the second CEO transition at HCL Technologies, after the company’s billionaire founder Nadar handed over the baton to Nayar in 2007. There has been speculation about Nayar’s exit after he sold his entire stake in the company in June last year. Both HCL and Nayar have, in the past, denied the news of his exit. The company could not be reached immediately for comment and Nayar did not respond to a text message sent early in the morning.
The stake sale by Nayar was followed by elevation of Gupta in the company, who has been with HCL for almost two decades and built the company’s billion-dollar business of managing computer hardware and systems for customers including Reader’s Digest.
At 10.35am, shares of HCL were up 5.51% to Rs.711.40 on BSE Ltd. The benchmark Sensex was up 0.19% at 19,855.34 points.
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First Published: Thu, Jan 17 2013. 09 01 AM IST
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