HCL Technologies Chairman Shiv Nadar to step down, will continue to work in this capacity
IT major HCL Technologies announced that its Chairman Shiv Nadar has expressed the desire to step down from the position of the Chairman.
IT major HCL Technologies today announced that its Chairman Shiv Nadar has expressed the desire to step down from the position of the Chairman. The company’s Board of Directors said that HCL Technologies has appointed Roshni Nadar Malhotra, Non-Executive Director as the Chairperson of the Board of Directors to replace Shiv Nadar. “Shiv Nadar would continue to be the Managing Director of the Company with the designation as the Chief Strategy Officer of the Company,” HCL Technologies said in a statement. Shiv Nadar is the 81st richest man in the world with a net worth of Rs 16.3 billion, according to the Bloomberg Billionaires index.
HCL Technologies made the announcement along with announcing its quarterly results for the April-June quarter, where the company saw net profit surge by 31.7% to Rs 2,925 crore. In the same period last year, the company had clocked in a profit of Rs 2,220 crore. Revenue in the first quarter of this fiscal was recorded at Rs 17,841 crore, an 8.6% jump on-year basis. “The adverse conditions during this quarter had an anticipated negative impact on our revenue. I am happy to report that the resilience of our operating model helped us deliver stellar operating margins and cash flows,” HCL Technologies said.
HCL TECHNOLOGIES MADE THE ANNOUNCEMENT ALONG WITH ANNOUNCING ITS QUARTERLY RESULTS FOR THE APRIL-JUNE QUARTER, WHERE THE COMPANY SAW NET PROFIT SURGE BY 31.7%
On deals, the company said that it was able to renew several large deals during the quarter. “We are seeing a robust demand environment and a strong pipeline which gives us confidence in our growth trajectory going forward,” C Vijayakumar, President, and CEO, HCL Technologies said. He added that the company had healthy bookings, enabled by 11 new transformational deal wins.
Shiv Nadar, considered one of the pioneers of India’s information technology industry. Early on in his career, Shiv Nadar worked at the DCM management trainee system, after which he started HCL, along with others, in Delhi. HCL Technologies was started as a hardware organization, manufacturing the country’s first indigenous computers, according to the company website. Shiv Nadar’s position will be taken over by his daughter, Roshni Nadar Malhotra, who currently works as the Executive Director and CEO of HCL technologies.