Home / Companies / News /  Shiv Nadar steps down as HCL Tech MD, C Vijayakumar to take over

HCL Technologies on Monday announced that its Chief Strategy Officer and Managing Director Shiv Nadar has stepped down from the position with immediate effect. However, he has now been appointed Chairman Emeritus & Strategic Advisor to the board, the company added.

"The payment of remuneration or providing any facilities under this role will be subject to the approval of the shareholders," it said.

The company's board of directors have appointed current President & CEO C. Vijayakumar as the CEO & Managing Director for a term of five years with effect from July 20, 2021.

"Shiv Nadar is one of the pioneers of the computing and IT industry in India. In 1976, he founded the HCL Group, leading the computing revolution as India’s original garage startup. Under his guidance, HCL has continued to ride the waves of the changing global IT landscape for over 45 years," HCL said in a statement.

In July last year, Nadar had stepped down from the Chairman's role and his daughter, Roshni Nadar Malhotra, succeeded him. Roshni was the first woman to chair a listed Indian IT firm. 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 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.

In 1994, he established the philanthropic organisation, Shiv Nadar Foundation. As of March 2021, the Shiv Nadar Foundation had invested around USD 988 million to create institutions of transformational education that are nurturing India's next generation of leaders.

Shiv Nadar was named the Forbes Outstanding Philanthropist of the year in 2015 by Forbes India and The Economic TimesPhilanthropist of the Year 2019. He was listed amongst Forbes' 48 Heroes of Philanthropy in Asia Pacific in 2011. He was awarded the Padma Bhushan from the President of India in 2008.

In a separate regulatory filing, HCL Technologies said it has appointed former IBM executive, Vanitha Narayanan, to the Board of Directors. Narayanan, as an Additional Director on the board, will hold office as an Independent Director. Her appointment is effective July 19.

In 2020, Vanitha retired after a career spanning three decades at IBM where she held multiple key roles leading large businesses in geographies like US, Asia-Pacific and India. These roles included serving as Managing Director and Chairman of IBM India and other leadership positions in the global communications and telecommunications industries.

"I am pleased to welcome Vanitha to the board of HCL and appreciate her decision to become a part of the HCL family.

"... her deep knowledge and understanding of the evolving marketing and technology landscape will be a great asset to HCL's focus on driving growth. Her experience of viewing evolution and innovations in technology from a multi-geography lens will add value to HCL as we expand our footprints globally," HCL Technologies Chairperson Roshni Nadar Malhotra said.

Meanwhile, HCL Technologies on Monday posted a 9.9 per cent rise in consolidated net profit to 3,214 crore for the June 2021 quarter, and said it expects double-digit growth in constant currency revenue in FY22.

The IT major had registered a net profit of 2,925 crore in the April-June 2020 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 12.5 per cent to 20,068 crore in the quarter under review, from 17,841 crore in the corresponding period last year.

"We posted 11.7 per cent year-on-year revenue growth in constant currency and 29 per cent y-o-y growth in Mode 2 services in constant currency headlined by Cloud and Digital transformation deals.

“We remain very confident of a good quarter-on-quarter growth for the rest of this year, enabled by 37 per cent y-o-y growth in bookings and 7,500-plus net hiring this quarter," HCL Technologies President and CEO C Vijayakumar said.

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