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    Change of guard at HCL Tech: Shiv Nadar steps down as chairman, daughter Roshni takes over

    Synopsis

    Shiv Nadar would continue to be the Managing Director of the company with the designation as the Chief Strategy Officer of the company, HCL Technologies said in a statement on Friday.

    HCL Tech Q1 net profit up 31.7% at Rs 2,925 cr; Shiv Nadar to step down as Chairman
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    In a change of guard at HCL Technologies, co-founder Shiv Nadar has stepped down from the position of the Chairman of the Board of directors. Roshni Nadar Malhotra, currently non-executive director has been appointed as the Chairperson of the Board of Directors with effect from July 17, 2020.

    Shiv Nadar would continue to be the Managing Director of the company with the designation as the Chief Strategy Officer of the company, HCL Technologies said in a statement on Friday.

    Nadar-Malhotra is the daughter of 75 year old Shiv Nadar who founded HCL along with Ajai Chowdhry, Arjun Malhotra and five others.

    “We are living in unprecedented times where organizations and people across geographies are dealing with challenges related to the pandemic. However, this has also pushed businesses to accept the pandemic as a catalyst for change and look at building agility and resilience into every level of their organization," Shiv Nadar said in a statement announcing the company's financial results for the June quarter of fiscal year 2020-21.

    Untitled-2
    Roshni Nadar Malhotra

    HCL CEO C Vijayakumar said that there will be no change in the company's strategy with this change. "We as a company really pride ourselves in very strong succession planning, be it of the CFO, CEO or others... I'm sure this is also part of the succession planning and the Board has made the time to make this announcement. And we're all very happy with it."

    He added that the strategy of the business has been very well thought off. "I cannot see any change in strategy. Shiv continues to play the role of the chief strategy officer. And HCL still has got an exceptional leadership team, and all of us, contribute to the overall strategy and the growth. We've delivered an exceptional industry leading growth for the four consecutive years. And we are still optimistic even in this environment. So I would see it continuing. And all is well with HCL."

    HCL Technologies reported a 7.3% drop in net profit at Rs. 2925 crore for the three months ending 30 June 2020 as compared to the same period last year. On a year-on-year basis, the profit was up 31.7%. This came on back of revenues of Rs. 17,841 crore, down 4% sequentially and up 8.6% year-on-year.

    The economic crisis unleashed by the Coronavirus pandemic has severely impacted the revenues of all Indian IT firms since their global customers have cut down on IT spending and have put several projects on hold.

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    11 Comments on this Story

    Rsk Kumar131 days ago
    Welcome Roshini
    Leon Fernandes133 days ago
    thank you for your service to the industry. smooth succession.
    anil astha134 days ago
    thank you shiv nadar, for being pioneer, and unimaginable high achiever. I joined HCL in 1976, at 96 Nehru Place, Delhi, had my best experience.It iois great to know, that family is continuing the great work.I wish you best of luck, as chief strategy officer.
    The Economic Times