HCL Technologies co-founder Shiv Nadar steps down as Managing Director effective July 19, 2021. However, he is will continue as Chairman Emeritus & Strategic Advisor to the Board.
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.
C Vijayakumar, CEO, is appointed as the Managing Director, the company said in a statement. Last year, his daughter Roshni Nadar-Malhotra was appointed chairperson.
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.
While HCL started off as a technology hardware company, manufacturing the country’s first indigenous computers and introducing them to the Indian consumer, it eventually evolved into a more comprehensive software services global organization. HCL is, in fact, one of the few global IT companies founded in the 1970s that remains in existence to date.
HCL Tech's revenue crossed $10 billion in FY21.
Nadar holds close to 60 percent share in the company. The arrangement is similiar in another promoter driven IT major - Wipro. Azim Premji, Wipro's promoter, and his family hold over 67 percent in Wipro. His son Rishad is the current chairman of Wipro. Both in Wipro and HCL Tech, chairperson continue to make key decisions.
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