Nayar: Stepping down
Mumbai, Dec. 27: Vineet Nayar, credited with transforming HCL Technologies into one of the top domestic IT services companies, today stepped down from the board to devote more time to his foundation.
Nayar, who has been a director since 2008, will continue as a senior adviser to HCL Technologies and HCL Corporation.
India’s fourth-largest software services company said Nayar would advise the company on strategic issues, work with the board to inculcate a high-performance culture among senior managers and implement new strategies for growth.
“His contribution to HCL and the board has been a benchmark for others to follow and we all are very proud of him,” HCL Technologies chief strategy officer and chairman Shiv Nadar said.
More than two decades after joining HCL, Nayar had stepped down as the CEO in January. He continued to work as the vice-chairman and joint managing director.
He had sold his entire stock holding in HCL Technologies for about Rs 134 crore in June 2012 and used the proceeds for his non-profit organisation Sampark.
Nayar had joined HCL in 1985 after getting his MBA from XLRI. He founded Comnet, where he incubated the remote infrastructure management (RIM) industry in 1993. He is known for his “employees first, customers second” philosophy, which became the core of HCL’s policies and practices.
At the company’s annual general meeting today, Nayar expressed his desire not to seek a re-appointment as director. Keki Mistry, vice-chairman and chief executive of HDFC, and Roshni Nadar Malhotra were appointed as directors.
In 2005, Nayar became the president of the company, which went on to become a $4.8-billion entity employing over 87,100 people under his leadership.
The company offers software-led IT solutions, remote infrastructure management, engineering, R&D and business services.
HCL Technologies had reported a 64 per cent increase in consolidated net profit for the quarter ended September, helped by a weak rupee and encouraging economic trends.
Net profit rose to Rs 1,416 crore from Rs 864 crore a year ago. Consolidated revenues rose 31.2 per cent to Rs 7,961 crore from Rs 6,069 crore last year.