Shiv Nadar resigns as MD of HCL Technologies, nominated chairman emeritus
HCL Technologies on Monday said its founder Shiv Nadar will take the role of Honorary Chairman of the Board and Strategic Advisor of the company.
According to a regulatory filing, the company’s chief strategy officer and managing director, Nadar, has tendered his resignation as MD as well as director from the close of business hours on July 19, on attaining the age of 76.
“In order to benefit from his vast knowledge, experience and knowledge in the role of an advisor, the Board of Directors in its meeting held today, after considering the recommendations of the Nomination and Remuneration Committee, approved the appointment of Shri Shiv Nadar as Chairman of the ‘Emeritus and Strategic Adviser of the Board’ for a period of five years with effect from July 20, 2021,” it added.
The payment of remuneration or any facility provided under this role will be subject to the approval of the shareholders.
The company has appointed Chairman and CEO of the company C Vijayakumar as Managing Director in the rank of CEO and MD for a period of five years with effect from July 20.
In July last year, Nadar resigned from the role of chairman and was replaced by his daughter Roshni Nadar Malhotra. Roshni was the first woman to head a listed Indian IT firm. Shiv Nadar is a pioneer of computing and IT industry in India.
In 1976, he founded the HCL Group, which started out as a technology hardware company, manufactured the country’s first indigenous computers and then evolved into a more comprehensive software services global organization.
Under Nadar’s leadership, HCL is credited with the first ‘Made in India’ IT product innovations with the first 8-bit microprocessor-based computer in 1978 and the world’s first fine-grain multi-processor UNIX installation in 1989, among others. with.
HCL was instrumental in supporting India’s telecom revolution through building the largest mobile distribution network with Nokia.
In 1994, he founded the philanthropic organization, Shiv Nadar Foundation. As of March 2021, the Shiv Nadar Foundation had invested approximately USD 988 million to create institutions of transformational education that are nurturing India’s next generation of leaders.
In a separate regulatory filing, HCL Technologies said it has appointed former IBM executive Vanitha Narayanan to the board of directors. Narayanan, as an additional director on the board, will take over as an independent director. His appointment is effective from July 19.
In 2020, Vanitha retired after a career spanning over three decades at IBM, where she held several key roles leading large businesses across geographies such as the Americas, Asia-Pacific and India. These roles included serving as the Managing Director and President of IBM India and other leadership positions in the global communications and telecommunications industries.
“I am delighted to welcome Vanitha to the Board of HCL and appreciate her decision to be a part of the HCL family.
“… His in-depth knowledge and understanding of the emerging marketing and technology landscape will be a huge asset to HCL’s growth focus. His experience of viewing developments and innovations in technology from a multi-geography lens will add value to HCL. will continue as we expand our footprint globally,” said Roshni Nadar Malhotra, President, HCL Technologies.
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