In a latest official statement, HCL Technologies has revealed that Shiv Nadar has stepped down from Managing Director position of the company. The company further stated that Nadar will now continue as the Chairman Emeritus and Strategic Advisor to the board.
Shiv Nadar Leaves MD Position in HCL
In its regulatory filing, HCL Tech has announced the departure of Shiv Nadar from MD position. Company President and CEO C Vijayakumar will now take care of MD position as well for next five years starting from July 20.
On the other hand, the company will utilize Shiv Nadar’s vast experience as the Chairman Emeritus. HCL board of directors has also approved Nadar’s role as an advisor for the firm’s main board starting from July 20, 2021 for next five years.
For the new designation of Shiv Nadar, payment and remuneration is not yet decided. The firm will take the approval of shareholders to do so.
In July 2020, Shiv Nadar also left the chairman position in HCL Tech. Roshni Nadar Malhotra, the daughter of Shiv Nadar, took charge as a Chairman HCL Tech and became the first woman to do so.
In another regulatory filing, HCL Tech also stated that Vanitha Narayanan, ex-IBM Executive, has been assigned to the board of directors. Narayanan will now work as an independent director effective from July 19 2021.
About HCL Technologies
HCL was founded in 1976 as a hardware firm and manufactured the first indigenous computer of India. The firm brought an IT revolution in India by manufacturing different hardware.
The company became popularly manufacturing its 8 bit micro-processor based computer in 1978. Later, it became the first global firm to make fine grained multiprocessor UNIX installation in 1989.
HCL collaborated with Nokia and brought the telecom revolution by creating the largest mobile distribution network.
Other than HCL Tech, Nadar founded Shiv Nadar Foundation in 1994 that is known for its education empire established in India by investing over $988 million.