Mumbai: IT major HCL Technologies on Monday said that its founder Shiv Nadar has been appointed as the ‘Chairman Emeritus and Strategic Advisor’ to the company’s Board.
According to a regulatory filing made to the BSE, C. Vijayakumar has been appointed as the Managing Director of HCL Technologies.
“Shiv Nadar, Chief Strategy Officer & Managing Director of the Company, on completing 76 years of age, has tendered his resignation as the Managing Director as well as the Director of the Company with effect from close of business hours on July 19, 2021,” the filing said.
“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 Shiv Nadar as the ‘Chairman Emeritus and Strategic Advisor to the Board’ for a term of five years with effect from July 20, 2021. The payment of remuneration or providing any facilities under this role will be subject to the approval of the shareholders.”
Nadar is considered to be one of the pioneers of the computing and IT industry in India.
In 1976, he founded the HCL Group. While HCL started off as a technology hardware company, manufacturing the country’s first indigenous computers and introducing them to the consumer, it eventually evolved into a more comprehensive software services global organisation.
HCL is, in fact, one of the few global IT companies founded in the 1970s that remains in existence to date.
As per the filing, in place of Nadar, the Board of Directors, after considering the recommendations of the Nomination & Remuneration Committee, and subject to the shareholders and regulatory approvals appointed Vijayakumar, President and CEO, of the company as the Managing Director with a title of CEO and Managing Director for a term of five years with effect from July 20, 2021.