Shiv Nadar steps down as Chairman of Board of Directors of HCL Technologies. His daughter Roshni Nadar Malhotra takes over effective July 17, 2020.
In a statement, the company said, "The Board of Directors has appointed Ms. Roshni Nadar Malhotra, Non-Executive Director as the Chairperson of the Board of Directors and the Company w.e.f. July 17, 2020, in place of Mr. Shiv Nadar who expressed his desire to step down from the position of the Chairman."
"Mr. Shiv Nadar would continue to be the Managing Director of the Company with the designation as the Chief Strategy Officer of the Company," the statement added.
Born in a village in Thootukudi district in Tamil Nadu, Nadar 75, co-founded the company in 1976 with six others. It was named Hindustan Computers Limited and was IT hardware.
HCL Tech, which was originally incorporated as HCL Overseas Limited in 1991, expanded to the US, Europe and APAC markets between 1991 and 1999. The company went public in 1999.
Now, the company has a market capitalisation of 20.5 billion with presence in over 45 countries. Its revenue stood at $9.9 billion for the year ended March 2020. It overtook Wipro as the third largest IT company in Fy19.
reported 7.3 percent QoQ fall in its June quarter net profit at Rs 2,925 crore and a profit of Rs 3,154 crore in the March quarter.
Revenue from operations
was down 4 percent in at Rs 17,841 crore versus Rs 18,590 crore reported in the previous quarter.