HCL Founder Shiv Nadar steps down as Managing Director

Shiv Nadar stepped down as Managing Director of HCL Technologies, according to a stock market filing on Monday. The Board of Directors has appointed Nadar, 76, as Chairman Emeritus and Strategic Advisor.

The board also appointed C Vijayakumar, CEO and President of HCL Technologies, as its new Managing Director for a term of five years. The IT services company clocked $10 billion in revenue in 2020-21.

In July 2020, Nadar’s daughter Roshni Nadar Malhotra was appointed Chairperson of HCL Technologies.

Shiv Nadar is widely regarded as one of the pioneers of the computer and IT industry in India. He co-founded Hindustan Computers Limited in 1976, and grew it on the strength of several partnerships with technology companies in the United States of America. In the 1990s, HCL evolved into an IT services firm.

The promoter group led by Shiv Nadar owns 60.33 percent of HCL Technologies, as of March 31, 2021.

“Under his guidance, HCL has continued to ride the waves of the changing global IT landscape for over 45 years,” the company said in a statement.

Nadar was awarded the Padma Bhushan in 2008.