India's fourth largest IT services exporter HCL Technologies Ltd said on Friday that its director and former CEO Vineet Nayar has decided to step down from the board as he is looking to give more time to his foundation. Nayar will continue as a senior advisor to HCL Technologies and HCL Corp.
“I also hope to continue to add value to both HCL Technologies and HCL Corporation through my continued association,” Vineet Nayar, founder, Sampark Foundation, said in the statement.
In 2004, Nayar founded a non-profit organisation Sampark, which works for ill equipped schools in India to improve the quality of education through the “Teach the Teacher” program. It also invests in basic infrastructure and creating science labs in schools, among others.
He will now help the company on strategic issues and will also work with the board of HCL Technologies for driving performance culture amongst senior managers.
Nayar, now 51, joined HCL Technologies in 1985 after doing his MBA from XLRI Jamshedpur and became president of the firm two decades later. He served as the chief executive officer of HCL Technologies from October 2007 only to step down from the role early this year after which Anant Gupta was named as the CEO.