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Shiv Nadar steps down as HCL Tech MD, C Vijayakumar to take over – Mint

HCL Technologies on Monday announced that its Chief Strategy Officer and Managing Director Shiv Nadar has stepped down from the position with immediate effect. However, he has now been appointed Chairman Emeritus & Strategic Advisor to the board, the company added.

“The payment of remuneration or providing any facilities under this role will be subject to the approval of the shareholders,” it said.

The company’s board of directors have appointed current President & CEO C. Vijayakumar as the CEO & Managing Director for a term of five years with effect from July 20, 2021.

“Shiv Nadar is one of the pioneers of the computing and IT industry in India. In 1976, he founded the HCL Group, leading the computing revolution as India’s original garage startup. Under his guidance, HCL has continued to ride the waves of the changing global IT landscape for over 45 years,” HCL said in a statement.

Under his leadership, HCL is credited with the first ‘Made in India’ IT product innovations– the first 8-bit microprocessor-based computer in 1978, the first Relational Database Management System in 1983 before some of its global peers, client- server architecture in 1984, world’s first fine-grained multi-processor UNIX installation in 1989, among others. A pioneer in Remote Infrastructure Management, HCL was instrumental in implementing and managing the infrastructure backbone of one of India’s tallest financial institutions – the National Stock Exchange. HCL played a key role in supporting India’s telecom revolution through the creation of the largest mobile distribution network with Nokia. HCL Technologies, which spun out of HCL’s R&D unit, is currently the third-largest IT Services firms headquartered out of India.

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Shiv Nadar was named the Forbes Outstanding Philanthropist of the year in 2015 by Forbes India and The Economic TimesPhilanthropist of the Year 2019. He was listed amongst Forbes’ 48 Heroes of Philanthropy in Asia Pacific in 2011. He was awarded the Padma Bhushan from the President of India in 2008.

Meanwhile, HCL Technologies on Monday posted a 9.9 per cent rise in consolidated net profit to 3,214 crore for the June 2021 quarter, and said it expects double-digit growth in constant currency revenue in FY22.

The IT major had registered a net profit of 2,925 crore in the April-June 2020 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 12.5 per cent to 20,068 crore in the quarter under review, from 17,841 crore in the corresponding period last year.

“We posted 11.7 per cent year-on-year revenue growth in constant currency and 29 per cent y-o-y growth in Mode 2 services in constant currency headlined by Cloud and Digital transformation deals.

“We remain very confident of a good quarter-on-quarter growth for the rest of this year, enabled by 37 per cent y-o-y growth in bookings and 7,500-plus net hiring this quarter,” HCL Technologies President and CEO C Vijayakumar said.

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