Shiv Nadar resigns as MD of HCL, will remain chairman emeritus.

  • Shiv Nadar will remain as Chairman emeritus and strategic advisor for HCL Technologies
  • C Vijaykumar, Chief Executive Officer of the company, is appointed as MD and CEO for the next five years.
  • In 1976, Shiv Nadar founded the HCL group and led the computing revolution in India. 

HCL Technologies‘ founder Shiv Nadar stepped down on Monday as Managing Director and from the Board of Directors of the company. However, he will continue to be chairman emeritus & strategic advisor for HCL Technologies. 

Effective from July 20, 2021, C Vijaykumar, President and CEO, has been appointed as MD with the title of MD and CEO for a term of five years. 

Shiv Nadar, who founded the HCL with seven others in 1976, gave his resignation as the Managing Director and Director of the company with effect from close of business hours on July 19, 2021,” the company said in a BSE filing.

Shiv Nadar’s daughter Roshni Malhotra-Nadar took over as chairperson of HCL last year in July. 

He is one of the pioneers of India’s computing and IT industry. He founded the company in 1976, leading the computer revolution as India’s original garage startup. 

Under Shiv Nadar’s leadership, HCL grew from a technology hardware company to India’s third-largest IT services company by revenue, surpassing the 10 billion USD revenue milestone in FY21.

HCL Q1 results

HCL Technologies reported a 9.4 percent increase in consolidated net profit at Rs 3,213 crore in the June quarter. The company has a net profit of Rs. 2935 crore in the same period of last year. 

The company’s consolidated revenue from operations is at Rs. 20068 crore. The firm announced that the revenue in constant currency is expected to rise in double digits for 2022.