Shiv Nadar Steps Down As HCL Tech Managing Director

New Delhi: HCL Technologies has announced that its Chief Strategy Officer and Managing Director Shiv Nadar has stepped down from the position with immediate effect.

Nadar will, however, continue to guide the company in the capacity of Chairman Emeritus and strategic advisor to the board for five years, the company said.

C Vijayakumar, president and chief executive officer, has been appointed as the managing director for five years.

HCL Tech, during its first quarter earnings announcement on Monday, retained its guidance. It expects its revenue to grow in double digits in constant currency through FY22 , on the back of a positive demand environment and robust deal pipeline. It also expects earnings before interest and taxes (EBIT) margin to be at 19-20%.

The services firm posted a net profit of Rs 3,214 crore for the June quarter, up nearly 10% annually. It is below consensus Bloomberg estimates of Rs 3,255.5 crore.

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