Shiv Nadar steps down as HCL Tech chairman, daughter takes over
Photo Credit: VCCircle

Roshni Nadar Malhotra, the daughter of HCL Technologies Ltd founder Shiv Nadar, has been appointed as the chairperson of the software services company with immediate effect.

Nadar will take over from her father, who has decided to step down, HCL Tech said in a stock-exchange filing on Friday.

Shiv Nadar will continue to be the managing director of the company and will also hold the title of chief strategy officer.

Roshni Nadar was so far serving as the executive director and chief executive officer of HCL Corporation, as well as the vice-chairperson of HCL Technologies. She is also a trustee of the Shiv Nadar Foundation and a founder-trustee of the wildlife conservation-focussed The Habitats Trust.

Nadar is an alumnus of Northwestern University and the Kellogg School of Management. According to her profile on HCL Tech’s website, she is also an alumnus of the Forum of Young Global Leaders, which is an initiative of the World Economic Forum.

Nadar has also featured on lists including ‘The World’s 100 Most Powerful Women’ compiled by Forbes. She is married to Shikhar Malhotra, who is the executive director of HCL Corporation and the vice chairperson and CEO of HCL Healthcare.

Shares of HCL Technologies Ltd were trading 1.59% up at Rs 637.60 at the time of writing this report. The company was initially set up in 1976. It reported consolidated net sales of Rs 70,676 crore for the financial year ended March 2020 and posted profit-after-tax figures of Rs 11,057 crore for the same period.

Interestingly, Roshni Nadar Malhotra’s appointment comes a little over a year after HCL Tech peer Wipro Ltd appointed Azim Premji’s son, Rishad Premji, to replace him as company chairperson.

HCL has been one of the most prolific acquirers among India’s software services companies. It has struck almost a dozen deals in India and overseas since 2015, according to VCCEdge, the data research arm of Mosaic Digital.

Some of these acquisitions include advanced technology design services provider Sankalp Semiconductor Pvt. Ltd in September last year, the US-based Strong-Bridge Envision in March, and some of the software businesses from IBM Corp for $1.8 billion in December 2018.

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