HCL Technologies said on Monday that its founder Shiv Nadar has stepped down as the Managing Director of the company and has been appointed Chairman Emeritus and Strategic Advisor to the company's board. Nadar, who was the MD and Chief Strategy Officer, tendered his resignation with effect from the close of business hours on July 19, as mentioned in a regulatory filing.
"In order to continue to benefit from his vast knowledge, experience, and wisdom in an advisory role, the Board of Directors in its meeting held today, after considering the recommendations of the Nomination & Remuneration Committee, has approved the appointment of Shri Shiv Nadar as the 'Chairman Emeritus and Strategic Advisor to the Board' for a term of five years with effect from July 20, 2021," it added.
Payment of remuneration and provision of facilities under this role will be subject to approvals from shareholders.
President and CEO of the company C Vijayakumar has been named Managing Director with the title of CEO and MD for five years with effect from July 20.
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 act as an Independent Director, effective July 19.
Nadar had stepped down from his role as the Chairman in July last year. His daughter Roshni Nadar Malhotra succeeded him, becoming the first woman to chair a listed Indian IT firm.
HCL Group was founded in 1976 as a technology hardware company that manufactured the country’s first indigenous computers. HCL is credited with the first 'Made in India' IT product innovations with the first 8-bit microprocessor-based computer in 1978 and world's first fine-grained multi-processor UNIX installation in 1989. It boosted India’s telecom revolution by creating the largest mobile distribution network with Nokia.
Moreover, the Shiv Nadar Foundation, founded in 1994 has invested $988 million so far to create institutions of transformational education.
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