Shiv Nadar stepped down on Monday as managing director as well as from the board of HCL Technologies. However, he will remain as chairman emeritus & strategic advisor for HCL Technologies, the company said.
Effective 20 July, C Vijayakumar, president & chief executive officer has been appointed as MD of the company with a title of CEO & MD for a term of five years.
Nadar, along with seven others, founded HCL Group in 1976.
“Shiv Nadar, Chief Strategy Officer & Managing Director of the Company, on completing 76 years of age, has tendered his resignation as the Managing Director as well as the Director of the Company with effect from close of business hours on July 19, 2021,” a BSE filing said.
Nadar’s daughter Roshni Malhotra-Nadar took over as chairperson of HCL technologies last July.
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 evolved from a technology hardware company to India’s third-largest IT services company by revenue, surpassing the $10 billion revenue milestone in FY21.
HCL Technologies on Monday reported a 9.4% rise in consolidated net profit at Rs 3,213 crore for the quarter ended 30 June, 2021. The IT services firm had reported net profit of Rs 2,935 crore in the year-ago period.
HCL Tech’s consolidated revenue from operations came at Rs 20,068 crore as against Rs 17,842 crore in the corresponding quarter last year. The firm, in the regulatory filing, said that the revenue is expected to grow in double digits in constant currency for FY22.
